[dragonwriter]

> Under modern corporate law, shareholders are the owners of the entity and its assets

No, under modern corporate law a corporation doesn't have owners as such; it is a creature of law in which shareholders have a claim on assets in the event of dissolution as well as rights to participate in government of the entity as specified in the governing law and chartering documents. They don't own the entity, and they absolutely don't own it's assets (the entity itself is a legal person which owns its assets.)

It's true that in recent years chartering governments in the US have been less active in ensuring that the public receives benefit (or at least, isn't actively and maliciously exploited) in exchange for the benefits granted by the public in the corporate form, and Warren's proposal—in addition to shifting chartering of certain corps to the feds—could be an inspiring example for a retreat from complacency by chartering governments more generally.

[AznHisoka]

“shareholders have a claim on assets in the event of dissolution“

So why does my Apple stock have such a high value? Apple has a low probability of being dissolved, so chances are low I am getting their assets.

[supercanuck]

In theory, you are paying for the future dividends.

https://en.m.wikipedia.org/wiki/Dividend_discount_model

In reality...

https://en.m.wikipedia.org/wiki/Greater_fool_theory

[betterunix2]

Actually, in the case of Apple, they announced a sizable share buyback earlier this year, so even if you only plan to hold the stock long enough to sell it for a capital gain you might still be receiving a dividend. AAPL is one of the worst examples of the greater fool theory at work, given that Apple pays a regular dividend, buys back stock, and has a relatively low P/E ratio for a tech company.

[andrewla]

You omitted the second part of that

> as well as rights to participate in government of the entity

It's easy to underestimate this -- the price of the stock represents a barrier to acquisition of the company. If the stock falls below a certain point, it would become profitable for an entity or group of entities to gain a controlling interest and reform the company in a way that suits their needs.

That is, not just the promise of future dividends paid to the shareholders, but a barrier against the profits being dispersed in a more aggressive fashion.