Which of the following statements isfalseregarding a firm's securities?

Question options:

a)Common stock ranks after bonds and preferred stocks in terms of the priority of its claim to the assets of the firm in the event of corporate bankruptcy.

b)Interest payment to bondholders are contractual obligations.

c)Preferred stocks usually carry no voting rights.

d)Dividends to shareholders, unlike interest on debt, are non tax-deductible expenses for the firm.

e)Common stock dividends are paid before preferred stock dividends.