Which one of the following statements is true?

a.

Debt instruments offer residual claims to future cash payouts.

b.

Bonds with call provisions will have lower coupon rates than otherwise identical bonds.

c.

Bondholders enjoy a direct voice in company decisions.

d.

Bonds are low-risk investments that do well in inflationary periods.

e.

Preferred shareholders are the first investors to be repaid in bankruptcy liquidation.