Woods cost shareholders billions

In their study, the two professors said they looked at stock market returns for the 13 trading days after November 27, the date of the car incident that ignited the Woods scandal.

They compared returns for Woods' sponsors during this period to those of both the total stock market and of each sponsor's closest competitor. They also reviewed returns for four years before the car accident to build up a comparative picture of the sponsors' market performance.

The study looked at sponsors of Tiger Woods for which stock prices were available, in several cases through quoted prices for the parent companies. Sponsors included: Accenture; AT&T; Tiger Woods PGA Tour Golf (Electronic Arts); Gillette (Proctor and Gamble); Nike; Gatorade (PepsiCo); TLC Laser Eye Centers.

The report carried a caution that this kind of statistical study might have a "particularly large" margin of error because many sponsors were subsidiaries of larger quoted companies.

Overall, Knittel and Stango concluded that the scandal reduced shareholder value in the sponsor companies by 2.3 percent, or about US$12 billion.

They called the results statistically significant and said the overall pattern of losses at the parent companies was unlikely to stem from ordinary day-to-day variation in their stock prices."

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