I don't think there's a relevant distinction between a database entry and ownership of the company.
If the stock wasn't a guarantee of equity rights, the information that drives the market wouldn't have any financial meaning.
You can argue that market microstructure on a small enough scale isn't related to fundamental value. Ok, maybe, but one of the reasons market microstructure exists is that the exchanges nominate certain entities to be market makers in order to ensure liquidity in the ticker symbol.
I think you'll find that most phenomena in stock trading are related in some way to information about the stock's fundamentals. (Even if it's just sharks taking the other side of elephants).
If the stock wasn't a guarantee of equity rights, the information that drives the market wouldn't have any financial meaning.
You can argue that market microstructure on a small enough scale isn't related to fundamental value. Ok, maybe, but one of the reasons market microstructure exists is that the exchanges nominate certain entities to be market makers in order to ensure liquidity in the ticker symbol.
I think you'll find that most phenomena in stock trading are related in some way to information about the stock's fundamentals. (Even if it's just sharks taking the other side of elephants).