Why is preferred stock referred to as a hybrid security? It is often said to combine the worst features of common stock and bonds. What is meant by this statement?

8-2. Because preferred stock dividends in arrears must be paid before common stock dividends, should they be considered a liability and appear on the right-hand side of the balance sheet?

8-3. Why would a preferred stockholder want the stock to have a cumulative dividend feature and protective provisions?

8-4. Why is preferred stock frequently convertible? Why is it callable.?

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