Effect of Tiger Woods on stock market

LiveScience reports:

Tiger Woods’ Affairs Cost Billions in Stock Market
Tiger Woods‘ extramarital affairs could cost you if you hold stock in a company he sponsors or a mutual fund that holds stock in those companies. A new study — not yet published in a journal — finds the market value lost to companies that had the golfer as a sponsor is already as high as $12 billion…. “Total shareholder losses may exceed several decades’ worth of Tiger Woods’ personal endorsement income,” said Victor Stango, a professor of economics at the University of California, Davis and co-author of the study.

The study, called “Shareholder Value Destruction following the Tiger Woods Scandal“, is online. It begins:

“We estimate that in the days beginning with Tiger Woods’ recent car accident and ending with his announced “indefinite leave” from golf, shareholders of companies that Mr. Woods endorses lost $5-12 billion in wealth. We measure the losses relative to both the entire stock market and a set of competitor firms. Because most of the firms that Mr. Woods endorses are either large or owned by large parent companies, the losses are extremely widespread….”