The original analysis (by the Chronicle of Higher Education) defined “students” as including only full time students. Under that standard, Emory’s ratio of endowment to student was high enough to qualify for the endowment tax threshold of $500,000.
A subsequent analysis (which I posted) noted that the final tax bill seemed to define “student” to include part time students. Under this analysis, Emory and 4 other schools had a lower ratio of endowment to student that fell below the $500,000 cutoff for the endowment tax.
If capital markets are efficient, Coke’s current stock price has already “priced in” the increase in future cash flows from the corporate tax cut. Future tax savings can be paid out entirely in dividends but that may impact the stock price negatively because it implies that Coke’s management sees no growth opportunities in which to invest that money. The net effect on the endowment (change in stock price + dividend payouts) from this point forward with the stock price having already priced in cash flows from the tax cuts and having priced in a certain payout ratio is unclear.