Which one of the following comparisons between debt and equity is correct?

a. Both creditors and stockholders are owners of the firm.

b. Both creditors and stockholders vote to elect the board of directors.

c. Stockholders are the owners of the firm but the creditors vote on all major decisions.

d. The creditors have first claim to the firm’s assets but the stockholders are the owners.

e. Since the stockholders are the firm’s owners, they have a higher claim to the firm’s assets than do the creditors.