by Caitlin Kenney

There's been a lot of talk about how much Tiger Woods alleged infidelity has cost him in endorsements, but two UC Davis economics professors say it's not just Tiger's portfolio that has taken a hit. The professors, Victor Stango and Christopher Knittel, estimate that shareholders of companies Woods sponsors lost a collective $5-12 billion in the wake of the scandal.

Stango and Knittel studied stock market returns for the 13 trading days that fell between Nov. 27, the date of the car crash that ignited the Woods' scandal, and Dec. 17, a week after Woods' announced his indefinite leave from the sport. Then they compared "the returns for Woods' sponsors during this period to those of both the total stock market and of each sponsor's closest competitor."

The result:

Mr. Woods' top five sponsors (Accenture, Nike, Gillette, Electronic Arts and Gatorade) lost 2-3 percent of their aggregate market value after the accident, and his core sports-related sponsors EA, Nike and PepsiCo (Gatorade) lost over four percent. The pace of losses slowed by December 11, the date on which Mr. Woods announced his leave from golf, but as late as December 17 shareholders had not recovered their losses.

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