On the Pricing of Preferred Stock
分析优先股在私人资本市场中作为融资工具的地位，指出其相比债券缺乏税收优惠，却仍承担固定融资成本。
Historically, preferred stock ranks well below common stock and bond issues as a source of financing in the private capital market. Relative to issuance of bonds, the issuance of preferred stock burdens the issuer with a fixed financing cost without benefitingthe issuer with the tax deductability associated with interest payments.