The UC Davis professors say that their study speaks to an important question for investors: Do celebrity endorsements present downside risk for equity shareholders?

"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," the authors concluded.

Maybe next on deck to be studied is not just downside risk from celebrity endorsements, but bankruptcy risk: TLC Vision Centers filed for bankruptcy in U.S. and Canadian courts on Monday.

-- Reported by Eric Rosenbaum in New York.

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