Unlike fixed$-$income securities$,$ common stockdoes not have a repayment burden or a maturity date. Thus, common stock financing providesmore flexibility to the issuing company.

$$ From thE $\_\_\_\_\_\_\_\_\_$ perspective, common stock is considered to be less risky than fixed$-$income securities$.$

$$ External common stock financing can lead to dilution of per$-$share earnings. This statement is $\_\_\_\_\_$ because the number of shares outstanding $\_\_\_\_\_\_\_$ which leads to initial dilution of each share.