So, it isn't bad enough that Tiger Woods ruined his marriage and soiled his squeaky-clean reputation. Apparently he cost his corporate sponsors $12 billion in stock value as well. According to a study conducted by UC Davis economics professors Victor Stango and Christopher Knittel, Tiger lost his sponsors a "collective $5 to $12 billion." This loss outpaces "several decades' worth of Tiger Woods' personal endorsement income."

The study examined the stock market returns during the 13 trading days after Tiger's car crash, a period concluding a week after Tiger's announcement of an indefinite leave of absent. The two economics professors then compared the returns for Tiger's sponsors during this 13-day period to those of the total stock market and each of the companies' closest competitor. Returns for the four years prior to the car accident were also taken into account in order to establish the stocks' historic performance.

Golf Digest has become the latest partner to cut ties with embattled golf icon Tiger Woods, announcing today that it will suspend its monthly instructional column that bears Woods' name.

"Golf Digest has had a long-standing relationship with Tiger Woods to provide instructional articles for the magazine, and we do not have any plans to change that," Golf Digest spokesman Bret Hopman said in a statement provided to CNBC. "We respect Tiger's decision to take a break from professional golf and focus on his family; Tiger's bylined instructional articles will not be published during his time away from the game."

This post is part of our feature on Money Winners of 2008. See all 20.

Tiger Woods returns to our Money Winners list this year despite a season shortened due to an injury and being let go as a General Motors spokesman. He won four of the six PGA tournaments he entered this year before bowing out with an injured knee. Paul Rogers, a veteran golf writer, who has written for Travel + Leisure Golf, GOLF Magazine, and Links Magazine, who I interviewed via e-mail, called that, "an unheard of rate of success by any current player's standards except his own."

That record made him golf's second-biggest prize winner despite his short season. Rogers says, "To give you a better sense of this
accomplishment, the top money winner on Tour this year, Vijay Singh, competed in 23 events." Rogers also mentioned that Woods is currently designing three golf courses in the Dubai desert, the mountains of North Carolina, and in Mexico's Baja, Calif., for a reported design fee of $25 million each.

Golf Digest magazine estimated in its February issue that by 2010 Woods could be the first athlete to reach $1 billion in earnings. He earned $123 million total in 2007 for total career earnings of $769 million, according to the magazine.

Thinking of taking up golf to improve your chances of climbing the corporate ladder? Better think twice.

Hitting the links could soon become a sore subject in corporate boardrooms, thanks to a new study by USA Today that looks at the stock prices of companies where the CEO is listed among the top golfers in Golf Digest magazine. Apparently, having a CEO who enjoys a good game of golf does more to hamper than help a company's share price.

USA Today reports that eight of the 12 companies who have CEOs with the lowest golf handicaps have performed worse than the S&P 500.

Should this really be a surprise? Any duffer or golf widow (of which I am a very occasional member of that club) knows that golf is a colossal waste of time. It usually doesn't make for a very good workout. Furthermore, participants often end up in a foul mood and suffering from a crippling lack of confidence.

What could be worse for business?

Of course, when you examine the companies listed -- EGL (shipping), UPS (package delivery), and Dollar General, to name a few -- it's pretty clear that their stock slump this year has a lot more to do with being in economically sensitive industries than having a CEO who shoots near par.

CEOs interviewed by USA Today are quick to explain that they only golf on the weekends or vacations and find it a valuable way to relax (yeah, right -- golf has to be the least relaxing game on the planet). They say there is no correlation between golf and the stock performance. But 71% admit they've done business with someone they played golf with.

Maybe playing golf is, in fact, a good way to get ahead in the corporate world. But once you reach the the CEO level, best to keep your sticks locked in the car trunk where they belong.