Study: Tiger Woods' Investors Lost $12B

Tiger Woods of the US reacts after putting on the 18th green during the second round of the British Open Golf championship, at the Turnberry golf course, Scotland, July 17, 2009. (AP Photo/Matt Dunham)
AP Photo/Matt Dunham
Tiger Woods' problems at home are apparently being felt by the companies that pay to have Woods endorse them.

According to researchers at the University of California-Davis, the total losses for investors in companies like Gillette and AT&T are as much as 12 billion dollars. Gillette is part of Cincinnati-based Procter & Gamble.

Two economics professors looked at stock market returns for 13 trading days after Tiger Woods' car crash near his Florida home in November, leading up to the day Woods announced his indefinite leave from golf.

The report shows investors in three sports related companies, EA Sports, Nike and Gatorade, fared the worst. Consulting firm Accenture reported no negative financial effects connected to Tiger Woods.