Tiger Woods' marital infidelity costs $16 billion

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Tiger Woods' marital infidelity has destroyed as much as $12 billion (NZ$16 billion) in stock value, according to two US professors.

The study from the University of California, Davis economics professors focused on nine sponsors: Accenture, American Express, AT&T, Tiger Woods PGA Tour Golf (Electronic Arts), Gillette, Nike, Gatorade, TLC Laser Eye Centres and Golf Digest.

It stated that shareholder value fell 2.3 percent since Woods' car accident on November 27 unleashed a stream of sexual revelations.

The pattern of losses was unlikely to stem from ordinary day-to-day variation in stock prices.

His three sports-related sponsors, Tiger Woods PGA Tour Golf, Gatorade and Nike suffered the worst, losing over four percent, or about $US6 billion in value.

"Our analysis makes clear that while having a celebrity of Tiger Woods' stature as an endorser has undeniable upside, the downside risk is substantial, too," said professor of economics, Victor Stango.

The pace of losses had slowed by December 11, the date on which Woods announced his leave from golf, but they had not recovered, the study said.

The sex scandal has left some corporate sponsors supporting Woods with others reevaluating their relationship with him.

Swiss watch maker Tag Heuer said it had decided to "downscale" use of Woods' image in its advertising in the coming months.

Trading card and memorabilia company Upper Deck said it would not end its sponsor deals with Tiger Woods while technology outsourcing and consulting firm Accenture said it was ending its six-year sponsorship.

Shaving products maker Gillette, which featured Woods in its razor commercials, said they would support his desire for privacy by limiting his role in marketing programs.

Nike, the American athletic shoe maker is standing by its man, while PepsiCo's Gatorade unit decided before the sex scandal that it would drop its "Tiger Focus" drink and US telecommunications company AT&T said it was evaluating its relationship with Woods.

- © Fairfax NZ News