Tiger Woods’ approval rating may sink even lower than its current 40%, once stock and mutual fund investors in companies he endorses realize they have lost $12 billion since his extramarital scandal broke, according to estimates by researchers at the University of California, Davis.

The study looked at the market value of eight Woods-endorsed companies between Nov. 27, the date of the car crash that set off the international brouhaha, and Dec. 17, a week after golf great announced an indefinite leave from the sport. The figures compare the companies’ returns with competitors and the overall market: Accenture, AT&T, Electronic Arts for the Tiger Woods PGA Tour Golf, Proctor and Gamble for Gillette, Nike, PepsiCo, maker of Gatorade, TLC Laser Eye Centers and Conde Nast, publisher of Golf Digest.

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