Why is preferred stock referred to as a hybrid security? It is often said to combine the

Question:

Why is preferred stock referred to as a hybrid security? It is often said to combine the worst features of and bonds. What is meant by this statement?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...