Tiger Woods’ corporate backers have been worth a lot less green lately.
Researchers found a red $12 billion link between Woods’ domestic affairs and the stock prices of the companies the world-famous golfer endorses.
“It seems plausible that the events beginning on Nov. 27 materially affected shareholder value,” according to University of California-Davis professors Christopher Knittel and Victor Stango.
The value of six of the eight publicly traded companies associated with Woods took a beating between Thanksgiving night and Dec. 11.
In the early morning hours after Turkey Day, Woods wrapped his SUV around a neighbor’s tree, setting off a wild chain of events capped by the golfer’s Dec. 11 announcement that he’ll be AWOL from the PGA until further notice.