Anti drug, alcohol network to award Campus Health employee

The Network of Colleges and Universities Committed to the Elimination of Drug and Alcohol Abuse will present Koreen Johannessen, senior adviser for prevention Campus Health Service, with the 2002 Outstanding Service Award.

The award will be presented at the annual U.S. Department of Education's National Meeting on Alcohol, Other Drugs and Violence Prevention in Higher Education on Thursday.

Johannessen is the fourth recipient of the award, which recognizes higher education professionals who have made outstanding contributions to the growth and development of alcohol and other drug-prevention strategies.

Recipients of this award have demonstrated achievement, campus leadership and innovation that are recognized by students, faculty and staff.

Johannessen has worked in the field of college alcohol and other drug-abuse prevention for more than 12 years. She was formerly director of UA's Health Promotion and Preventive Services program.

Basketball season ticket holders can pick up ĪZona Zoo' shirts

Students who have basketball season tickets are invited to pick up their "Zona Zoo" spirit shirts in the student government office this week.

Pepsi, Associated Students of the University of Arizona, Arizona Athletics and the Arizona Daily Wildcat supported the contest that resulted in the "Zona Zoo" name. Pepsi and Arizona Athletics contributed $14,000 to the project and ASUA paid $3,000 to produce 4,300 shirts.

The shirts can be picked up between 9 a.m. and 4 p.m. this week. The ASUA offices are located above the UofA Bookstore.

Offshore expatriations provide no significant market reaction

A working paper just published that was coauthored by a UA professor shows no significant overall stock market reaction to companies' announcements that they intend to change their legal domicile to a tax haven country to escape U.S. taxation.

"This is surprising because if such transactions yielded the claimed substantial tax savings, one would expect stockholders to respond favorably. Our results indicate that the Īpolitical' and other costs of such behavior must outweigh such savings," said Lillian Mills, assistant professor of accounting in the Eller College of Business and Public Administration and co-author of the paper.

The paper contrasts with the preliminary findings earlier this year by Mihir Desai (Harvard) and James Hines (Michigan). They found that the raw market return appears positive overall. Once Cloyd, Mills and Weaver applied statistical randomization techniques to the market event study, they determined that the visually positive excess returns were not statistically significant.

The study seeks to provide empirical evidence on whether Congressional action is needed to constrain future expatriations of U.S. companies to tax haven countries.

The authors investigated whether the 19 firms that announced an expatriation from 1982 through 2002 enjoyed positive stock returns.

The analysis shows no evidence of an overall positive stock market reaction for expatriating firms at or after the announcement. Thus, the results do not indicate that shareholder's perceive future tax benefits substantially outweigh costs.