Coca Cola already announced it will be increasing its dividend in wake of tax reform. Increased dividends usually don’t negatively impact stock price. That makes no sense.
Maybe Emory can escape the tax under the definition of full-time student. I read this about the two Chicago schools being able to avoid it after looking at the definition of full-time student to include aggregating credit hours of part-time students. If Emory escapes the tax for 2018, it’s probably only temporary. Is the $500K indexed? You are more well versed in this than I am, but nobody can imagine the endowment not increasing, but we know Emory has no great plans for admitting for more students.
Full-time equivalent enrollment counts the raw number of full-time students as well as the number of part-time students whose collective credits add up to a full-time student. It is not the same as student head count and thus is a more fluid metric open to interpretation.