Which of the following statements is CORRECT?

a$.$ Preferred stock is normally expected to provide steadier, more reliable income to investors than the same firm's common stock. As a result, the expected after$-$tax yield on the preferred is lower than the after$-$tax expected return on the common stock.

b$.$ The preemptive right is a provision in all corporate charters that gives preferred stockholders the right to purchase $($on a pro rata basis$)$ new issues of preferred stock.

c$.$ One of the advantages to financing with preferred stock is that $50\%$ of the dividends paid out are tax deductible to the issuer.

d$.$ One of the disadvantages to a corporation of owning preferred stock is that $50\%$ of the dividends received represent taxable income to the corporate recipient, whereas interest income earned on bonds is tax free.

e$.$ A major disadvantage of financing with preferred stock is that preferred stockholders typically have supernormal voting rights.