13. Which of the following statement is most correct?

O

a. Preferred stock holders have lower risk than common stockholders

O b. Convertible bond gives bond issuer the right to convert the bond to equity on a predetermined date

O c.

A stock's dividend yield can never exceed the expected growth rate

O d. Callable bond gives bond holders the right to retire the bond before the maturity

O e.

Preferred stockholders have priority over bondholders