Which of the following is a disadvantage of issuing preferred stock from the common stockholders' perspective?
a. There is a seniority of preferred stockholder's claim over common stockholders.
b. The preferred stockholders have superior voting rights in the selection of board of directors.
c. The preferred stockholders are always paid a higher proportion of dividend payments.
d. Issuance of preferred stocks will result in a higher risk to the common stock, which is a disadvantage of common stockholders.