Which of the following is NOT a typical characteristic of bonds?

Bonds are debt instruments that represent a loan made by an investor to a borrower, typically corporate or governmental. The typical characteristics of bonds include fixed interest payments, a maturity date when the principal amount is repaid, and a credit rating that assesses the creditworthiness of the issuer.

In contrast, ownership stake in a company refers to equity securities, such as stocks, where investors purchase shares and gain ownership in the business. This distinction is crucial, as it highlights bonds' role as fixed-income securities producing interest income rather than providing ownership or voting rights in an entity. Thus, ownership stake does not align with the fundamental nature of bonds and is therefore not a typical characteristic of them.