A new study says that Tiger Woods spectacular fall from grace has cost shareholders of the firms that used him as a spokesperson to lose $12 billion in value.

From Yahoo!:

Total shareholder losses may exceed several decades' worth of Tiger Woods' personal endorsement income," said Victor Stango, a professor of economics at the University of California, Davis and co-author of the study.

Stango and a colleague looked at 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. They compared the stocks to the total market and to competing stocks, plus they looked back four years to get a sense of how the stocks have historically done in comparison to the market and to competitors.