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

The characteristic that is not associated with corporate bonds is ownership in the company. Corporate bonds are a form of debt issued by companies to raise capital. When an investor purchases a corporate bond, they are lending money to the issuer (the company) in exchange for periodic interest payments and the eventual return of the bond's face value at maturity.

Unlike shares of stock, which represent ownership in a company and entitle the shareholder to voting rights and dividends, bonds do not confer any ownership. Bondholders are creditors, not owners, and their claims are prioritized above shareholders in the event of liquidation. Thus, the correct understanding here is that corporate bonds serve as a debt instrument, providing fixed returns through interest, with a set maturity and face value, rather than giving any ownership stake in the issuing company.