Valuing a Business, Sixth Edition: The Analysis and Appraisal of Closely Held Companies

Name: Valuing a Business, Sixth Edition: The Analysis and Appraisal of Closely Held Companies | The Analysis and Appraisal of Closely Held Companies
Brand: McGraw Hill LLC
Price: 247.99 EUR
Availability: OnlineOnly

The Analysis and Appraisal of Closely Held Companies

Shannon P. Pratt(Autor*in)

McGraw Hill LLC (Verlag)

1. Auflage

Erschienen am 5. April 2022

1200 Seiten

E-Book

ePUB mit Adobe-DRM

Systemvoraussetzungen

E-Book

PDF mit Adobe-DRM

Systemvoraussetzungen

978-1-260-12157-5 (ISBN)

247,99 €inkl. 7% MwSt.

Systemvoraussetzungen

für ePUB mit Adobe-DRM und PDF mit Adobe-DRM

(Hinweis: Die Auswahl des von Ihnen gewünschten Dateiformats und des Kopierschutzes erfolgt erst im System des E-Book Anbieters)

E-Book Einzellizenz

Als Download verfügbar

Beschreibung

Weitere Details

Weitere Ausgaben

Inhalt

Cover
Title Page
Copyright Page
Dedication
Contents
List of Exhibits
About Shannon P. Pratt
About the Contributing Authors
Foreword
Preface
Acknowledgments
Notation System Used in This Book
Part I State of the Profession, the Engagement, and the Basic Theory
CHAPTER 1 Business Valuation Standards and Credentials
Introduction
The Appraisal Foundation
Uniform Standards of Professional Appraisal Practice (USPAP)
Other Organizations That Have Offered Guidance on Business Valuation Issues
Professional Organizations Offering Accreditation in Business Valuation
Summary
CHAPTER 2 Defining the Assignment
Introduction
Basic Elements of the Appraisal Assignment
Definition of Who Offered and Who Accepted the Assignment
Identification of Intended Users Other than the Client
Intended Use of the Appraisal
Description of the Legal Interest or Interests to Be Appraised
Description of the Specific Ownership Interest Characteristics
Valuation Date
Standards of Value
Sources of Guidance as to Applicable Standards and Premises of Value
Form of the Report
Scheduling
Fee Arrangements
Extraordinary Assumptions and Hypothetical Conditions
Summary
CHAPTER 3 Business Valuation Theory and Principles
Introduction
Generally Accepted Theory
Reliance on Forecast versus Historical Benefits
Basic Variables Affecting Value
Impact of Risk on Value
Accepted Business Valuation Approaches and Methods
Levels of Value
Other Qualitative Factors Affecting Value
Matching the Valuation Methodology with the Standard and Premises of Value
Sum of Parts Not Necessarily Equal to Whole
Summary
Part II Gathering and Analyzing Data
CHAPTER 4 Gathering Company Data
Introduction
Generalized Company Information Checklist
Financial Statements
Federal Income Tax Returns
Interim Financial Statements
Other Financial Statement Schedules
Off-Balance-Sheet Assets or Liabilities
Related Party Transaction Information
Operating Information
Past Transactions in the Stock or Offers to Buy
Budgets, Forecasts, and Projections
Capital Requirements
Company Documents Relating to the Rights of Owners
Summary
CHAPTER 5 Site Visits and Interviews
Introduction
History
Description of the Business
Management and Management Compensation
Operations
Markets and Marketing
Finance
Prior Arm's-Length Transactions or Offers
Catch-All Question
Interviews of Outsiders
Summary
CHAPTER 6 Researching Economic and Industry Information
Introduction
National Economic Information
Regional Economic Information
Industry Information
Summary
CHAPTER 7 Analyzing Financial Statements
Introduction
Normalizing versus Controlling Adjustments
Adequacy of Allowance and Reserve Accounts
Inventory Accounting Methods
Depreciation Methods and Schedules
Depletion
Treatment of Intangibles
Other Intangible Assets
Capitalization versus Expensing of Various Costs
Timing of Recognition of Revenues and Expenses
Net Operating Loss Carryforwards
Treatment of Interests in Affiliates
Extraordinary or Nonrecurring Items
Operating versus Nonoperating Items
Management Compensation and Perquisites
Transactions Involving Company Insiders
Contingent Assets and Liabilities
Adjustments to Asset Valuations
Computation of Earnings per Share
Computation of Book Value per Share
Equity Compensation-Phantom Stock and SARs
Example of the Effect of Alternative Accounting Methods
Adjusting the Balance Sheet to Current Values
Summary
CHAPTER 8 Financial Statement Ratio Analysis
Introduction
Use and Interpretation of Ratio Analysis
Common-Size Statements
Short-Term Liquidity Measures
Activity Ratios
Risk Analysis
Balance Sheet Leverage Ratios
Income Statement Coverage Ratios
Income Statement Profitability Ratios
Return on Investment Ratios
Asset Utilization Ratios
Summary
Part III Business Valuation Approaches and Methods
CHAPTER 9 Income Approach: Discounted Economic Income Method
Introduction
Theoretical and Practical Soundness of the Approach
Basic Discounted Economic Income Framework
Estimating the Discount Rate
Discounting Economic Income Available to Overall Capital
Specific Forecast Period Plus a Terminal Value
Midyear Discounting Convention
Example of Application of Discounted Economic Income Methods
Caveats in Using Discounted Economic Income Methods
Does the Discounted Economic Income Method Produce a Control or a Noncontrolling Value?
What Standard of Value Does a Discounted Economic Income Method Produce?
Common Errors
Summary
CHAPTER 10 Income Approach: Capitalized Economic Income Method
Introduction
Essential Difference Between the Discounting Method and the Capitalization Method
The Perpetual Economic Income Stream Model
Converting a Discount Rate to a Capitalization Rate-The Constant Growth Model
The Gordon Growth Model
Sensitivity to Growth Rate Assumptions
When to Use the Discounting versus the Capitalization Method
Equivalence of the Discounting and Capitalization Methods
Implementing the Capitalized Economic Income Method
Forecasting the Basic Economic Income Level and the Growth Rate
Defining the Components in the Capitalization Method
Modification to Reflect the Midyear Discounting Convention
Using the Capitalized Economic Income Method to Develop a Terminal Value
Does the Capitalized Economic Income Method Produce a Control Value or a Noncontrolling Value?
What Standard of Value Does the Capitalized Economic Income Method Produce?
Misconceptions About the Difference Between the Discounted Economic Income and the Capitalized Economic Income Methods
Relationship Between the Capitalized Economic Income Method and the Market Approach
Common Errors
Summary
CHAPTER 11 Income Approach: Developing the Discount Rate
Introduction
What Is Risk?
Capital Asset Pricing Model
Build-Up Method
Risk-Free Interest Rate and Equity Risk Premium: Interrelated Concepts
Systematic and Unsystematic Risk
Industry Risk Premiums
Size Effect
Company-Specific Risk Premium
Rate of Return Allowed to Regulated Companies
Benchmarking to Industry Data
Estimating the Discount Rate for Closely Held Businesses
Converting a Discount Rate Applicable to Net Cash Flow to a Discount Rate Applicable to Another Measure of Economic Income
Common Errors
Summary
CHAPTER 12 Income Approach: Forecasting Economic Income
Introduction
Understanding the Business of the Subject Company
Economic and Market Conditions Considerations
Industry Considerations
Company-Specific Considerations
Specific Forecast Period Economic Income Considerations
Terminal Period Economic Income Considerations
Common Errors
Summary
CHAPTER 13 Market Approach: Guideline Public Company Method
Introduction
Overview of the Guideline Public Company Method
When Is the Guideline Public Company Method Most Useful?
Criteria for Guideline Company Selection
How Many Guideline Companies?
Time Period to Consider
Deciding Which Valuation Multiples to Use
Compiling Guideline Company Tables
Selection of Multiples
Selecting and Weighting Specific Multiples for the Subject Company Based on Guideline Companies
Treating Nonoperating Assets, Excess Assets, and Asset Deficiencies
Multiline Companies
Typical Adjustments to Reach a Value Conclusion
Valuation Multiples Using Market Value of Invested Capital
Common Errors
Summary
CHAPTER 14 Market Approach: Guideline Transaction Method
Introduction
Overview of the Guideline Transaction Method
When Is the Guideline Transaction Method Most Useful?
Control Transaction Valuation Multiples
Caveat: Check the Deal Structure
Sources of Merger and Acquisition Data
Past Subject Company Transactions
Formulas or Rules of Thumb
Nonoperating Assets, Excess Assets, and Asset Deficiencies
Selecting and Weighting Multiples for the Subject Company Based on Guideline Transactions
Reaching the Value Conclusion
Common Errors
Summary
CHAPTER 15 Asset-Based Approach: The Capitalized Excess Earnings Method
Introduction
History of the Capitalized Excess Earnings Method
Capitalized Excess Earnings Valuation Method
Analysis of the Capitalized Excess Earnings Method
Comprehensive Example
Treatment of Negative Goodwill
Common Errors in Applying the Capitalized Excess Earnings Method
Summary
CHAPTER 16 Asset-Based Approach: Asset Accumulation Method
Introduction
Asset-Based Approach versus Book Value
Valuation Methods Under the Asset-Based Approach
Fundamentals of the Asset Accumulation Method
Asset Accumulation Method Procedures
Individual Asset Valuation Procedures
Combining Elements of the Asset Accumulation and Capitalized Excess Earnings Methods
Example
Advantages of the Asset Accumulation Method
Disadvantages of the Asset Accumulation Method
Summary
Part IV Discounts, Premiums, and the Value Conclusion
CHAPTER 17 Control versus Lack of Control: Premiums and Discounts
Introduction
Control versus Lack of Control
Levels of Value
Measuring the Value Differential Between Levels of Value.
Elements of Control
Ways Control Elements Are Conveyed or Restricted
Control Covers a Spectrum
Deriving Value Reflecting Control or Lack of Control
How the Standard of Value Affects Control Considerations
Summary
CHAPTER 18 Market Evidence of Acquisition Premiums and Discounts for Lack of Control
Introduction
Market Evidence Regarding Acquisition Premiums
Market Evidence Regarding Discounts for Lack of Control
Asset Holding Companies
Direct Undivided Ownership Interests in Real Estate
Nonoperating Assets
Summary
CHAPTER 19 Discounts for Lack of Liquidity and Lack of Marketability
Introduction
Liquidity and Marketability-Closely Related but Not the Same
Adjustment for Lack of Marketability for Noncontrolling Ownership Interests
Marketability Discounts Extracted from Prices of Restricted Stocks
Marketability Discounts Extracted from Studies of Private Transactions before Initial Public Offerings
Quantitative Methods Used to Quantify Discount for Lack of Marketability
Quantitative Analysis Using Put Option Models
Interests with Blocking Power or Influence
Overlap Between Control and Marketability Discounts
Factors that Affect the Lack of Marketability and Cost of Illiquidity
Hierarchy of Factors Impacting DLOM-Liquidity
Court Decisions on Discounts for Lack of Liquidity and Lack of Marketability
Discounts for Lack of Liquidity for Controlling Ownership Interests
Summary
CHAPTER 20 Other Valuation Discounts
Introduction
Entity-Level Discounts
Shareholder-Level Discounts
Summary
CHAPTER 21 Valuation Reconciliation and Conclusion
Introduction
The Reconciliation Process
Criteria for the Selection of Valuation Approaches and Methods
Reconciling Divergent Indications Among Valuation Methods
Weighting of Valuation Method Results
At What Point Are Valuation Discounts and Premiums Applied?
Concluding the Value Estimate
Summary
Part V Writing and Reviewing Business Valuation Reports
CHAPTER 22 Writing the Business Valuation Report
Introduction
Overview of the Business Valuation Report
Uniform Standards of Professional Appraisal Practice
International Valuation Reporting Standards
Internal Revenue Service Business Valuation Guidelines
Valuation Professional Organization Reporting Standards
Guidelines for Effective Report Writing
Common Errors and Shortcomings in Business Valuation Reports
Summary
CHAPTER 23 Sample Report
Introduction
Nature and History of the Business
Analysis of the U.S. Economy
Analysis of the Poultry Processing Industry
Financial Statement Analysis
Valuation of Common Stock
The Guideline Public Company Method
The Discounted Cash Flow Method
Overall Valuation Conclusion
CHAPTER 24 Reviewing a Business Valuation Report
Introduction
Valuation Review Checklist
Identification of the Subject Property and Client
Relevant Dates
Definition of Value
Purpose of the Valuation
Ownership Characteristics
Economic and Industry Outlook
Basic Company Information
Sources of Information
Financial Statement Adjustments
Comparative Financial Statement Analysis
Valuation Methodology
Are the Data Employed Appropriate to the Valuation Date?
Valuation Discounts and Premiums
Valuation Reconciliation and Conclusion
Appraiser's Qualifications
Statement of Contingent and Limiting Conditions
Overall Evaluation
Part VI Valuing Specific Assets, Instruments, and Interests
CHAPTER 25 Valuing Intangible Assets
Introduction
Business Valuation and Intangible Assets
Types of Intangible Assets
Reasons to Value Intangible Assets
Intangible Asset Valuation
Summary
CHAPTER 26 Valuing Debt Securities
Introduction
Debt Instruments Overview
Common Situations Requiring Valuation of Debt Instruments
Methods of Valuation
Structural Characteristics of Debt Instruments
Private Promissory Notes
Other Forms of Corporate Borrowing
Summary
CHAPTER 27 Valuing Preferred Securities
Introduction
Common Situations Requiring Valuation of Preferred Instruments
Structural Characteristics of Preferred Interests
Method of Valuation of Preferred Interests
Tax and Financial Reporting Literature
Summary
CHAPTER 28 Introduction to Valuing Stock Options
Introduction
Common Situations Requiring the Valuation of Options
Terminology
Basic Call Option Equation
Black-Scholes Option Pricing Model
Binomial Model for American Call Options
Monte Carlo Simulation Techniques
Using Option Pricing to Value the Built-In Gains (BIG) Tax Liability
Real Options
Summary
CHAPTER 29 Valuing Employee Stock Options
Introduction
Federal Income Taxes
Financial Reporting
Binomial Example of Valuing a Public Company ISO
Valuing Options of Closely Held Businesses
Summary
CHAPTER 30 Valuing Complex Capital Structures
Introduction
Where Are Complex Capital Structures Commonly Encountered?
Considerations Before Equity Is Allocated Among Equity Classes
Overview of Allocation Methods
Case Study Assumptions
Case Study Using Allocation Method 1: Current Value Method
Case Study Using Allocation Method 2: Probability-Weighted Expected Return Method
Case Study Using Allocation Method 3: Option Pricing Method
Case Study UsingAllocation Method 4: Hybrid Method
Comparison of the Equity Allocation Methods
Common Equity Allocation Pitfalls
Summary
CHAPTER 31 Valuing Interests in S Corporations and Other Pass-Through Entities
Introduction
Case Law History
Properly Matching Economic Income with the Discount Rate
Investor-Level Taxes and the Discount Rate
Academic Research
Models for Valuation of Pass-Through Entities
Summary
CHAPTER 32 Valuing Interests in REITs and Other Real Property Holding Entities
Introduction
Real Estate Investment Trusts
Family Limited Partnerships and Limited Liability Companies
Summary
CHAPTER 33 Valuing Real Property with a Business Component
Introduction
How Do Real Estate Appraisers Analyze Real Property with a Business Component?
Relying on a Real Property Appraisal within a Business Valuation Assignment
Suggestions for Working with Real Property Appraisers
Summary
Part VII Valuations for Specific Purposes
CHAPTER 34 Valuations for Gift, Estate, and Charitable Contribution Tax Purposes
Introduction
Current Tax Rates and Penalties
Guidelines for Federal Gift and Estate Tax Valuations
IRC Chapter 14 Special Valuation Guidelines
Gift and Estate Tax Filing Process
Locking in the Three-Year Gift Tax Statute of Limitations
Shifting the Burden of Proof from the Taxpayer to the IRS
Valuation Issues in Estate and Gift Tax Planning
Valuation Requirements for Charitable Contribution Deductions
Summary
CHAPTER 35 Gift, Estate, and Charitable Contribution Tax Court Cases
Introduction
Inadequacy of the Valuation
Fair Market Value
Approaches to Value
Burden of Proof
Selection of Guideline Companies
Buy-Sell Agreements
Covenants Not to Compete
Reliance on Subsequent Sales
Subsequent Events and Data
Discount for Lack of Marketability
Discounts for Lack of Marketability-Controlling Ownership Interests
Discount for Lack of Control
Blockage Discounts
Key Person Discount
Contingent Liability Discounts
Combined Discounts
Premiums
Built-In Capital Gains Taxes
Subchapter S Corporations
Family Limited Partnerships (FLPs)
Focus on Willing Seller as Well as on Willing Buyer
Must Use Empirical Data to Quantify Valuation Inputs
Sufficiency of Data
Charitable Contribution Issues
Summary
CHAPTER 36 Valuation Provisions in Buy-Sell Agreements
Introduction
Categories of Buy-Sell Agreements
Pricing Mechanisms in Buy-Sell Agreements
Elements of Valuation Processes Described in Buy-Sell Agreements
Single Valuation Analyst Processes
Multiple Valuation Analyst Processes
Selecting the Valuation Analyst(s)
Common Problems with Buy-Sell Agreements
Summary
CHAPTER 37 Valuation for Income Tax Purposes
Introduction
Federal Income Tax Reasons to Conduct an Appraisal
Valuation of Property Received/Transferred in a Transaction
Use of Financial Reporting Valuations for Income Tax Purposes
U.S. Tax Reform Considerations
Valuation of Compensation
Valuation of Noncompetition Agreements
Valuation of Worthless and Abandoned Property
Valuation Aspects of Cancellation of Indebtedness Income
Valuation-Related Income Tax Penalties
Valuation Aspects of Intercompany Transfer Pricing
Valuation of Intellectual Properties for State Income Taxation Purposes
Summary
CHAPTER 38 Income Tax Court Cases
Introduction
General Valuation Methodology Issues
Reasonable Compensation Issues-Multifactor Tests
Reasonable Compensation Issues-Independent Investor Test
Intangible Asset Valuation Issues
Intangible Asset Valuation Issues in Transfer Pricing
Purchase Price Allocation Issues - Payment for Stock
Purchase Price Allocation Issues-Payment for Noncompetition Agreements
Present Value as Indicator of For Profit Status
Stock Warrant Valuation
Valuation as Accounting Method
Discounts Applicable in Corporate Distributions
Like-Kind Exchange
Use of Financial Reporting Valuations for Income Tax Purposes
Summary
CHAPTER 39 Valuations for Employee Stock Ownership Plans
Introduction
General ESOP Framework
Valuation of a Company for ESOP Purposes
Valuation Approaches and Methods
Legislative and Regulatory Issues in ESOPs
IRS Audit Guidelines
ESOP-Specific Plan Administration Issues
Finance Issues in Leveraged ESOPs
Repurchase Liability
Accounting for ESOPs
Fiduciary Issues in ESOPs
Valuation Issues in ESOPs
Summary
CHAPTER 40 ESOP Court Cases
Introduction
Sommers v. Corrigan
U.S. News & World Report
Eyler v. Commissioner
Henry v. Champlain
Eckelkamp v. Beste
Chao v. Hall Holding
Keach v. U.S. Trust Co.
Armstrong v. LaSalle
Kennedy v. Trustmark
Fifth Third Bancorp v. Dudenhoeffer
Perez v. Bruister
Fish v. GreatBanc
Brundle v. Wilmington Trust
Pizzella v. Vinoskey
Remy v. Lubbock
Lee v. Argent Trust
Walsh v. Bowers & Kubota
Summary
CHAPTER 41 Valuations in Shareholder and Partner Disputes
Introduction
Dissenting Stockholder Actions
Interpretation of the Fair Value Standard in Dissent Cases
Requirement for Entire Fairness
Consequences of Lack of Entire Fairness
Noncontrolling Interest Dissolution Actions
Partnership Disputes
Summary
CHAPTER 42 Shareholder and Partner Dispute Court Cases
Introduction
Readers Must Interpret Cases Carefully
High Risk Associated with Applying Novel Theories
Fair Value Is Not Fair Market Value
Breach of Fiduciary Duty Expands Plaintiffs' Potential Damages
Some States Use Acquisition Value Instead of Going-Concern Value
The Impact of Appraisal Arbitrage in Recent Delaware Decisions
Approaches to Value
Other States Consider Market Value, Asset Value, and Investment Value
Oppression Remedies Sometimes Differ from Appraisal
Corporate Dissolution in Shareholder Deadlock
Partnership and Limited Liability Company Dispute Cases
Discounts for Lack of Control and Lack of Marketability
Summary
CHAPTER 43 Valuations for Marital Dissolution Purposes
Introduction
The Marital Estate
Standard of Value
Valuation Date
Discovery
Goodwill
Valuation Methods
Compensation
Noncompete Covenants
Buy-Sell Agreements
Treatment of Built-In Capital Gains Taxes
Tax Consequences Upon the Hypothetical Sale of the Business
Valuation Discounts and Premiums
The Role of the Valuation Expert
Adequacy of Evidence
Summary
CHAPTER 44 Marital Dissolution Court Cases
Introduction
Standards of Value
Premise of Value
Active versus Passive Appreciation
Valuation Date
Goodwill
The Double Dipping Issue
Valuation Methods in the Family Law Courts
Noncompete Covenants
Buy-Sell Agreements
Discounts for Lack of Control and Lack of Marketability
Adequacy of Evidence
Treatment of Tax Liabilities
Summary
CHAPTER 45 Valuations for Financial Reporting
Introduction
Financial Reporting Objectives and Frameworks
Standard-Setting in Financial Reporting
Standardization of Fair Value
Key Accounting Topics Incorporating Fair Value
Characteristics of Fair Value (ASC 820)
Fair Value vs. Fair Market Value
Accounting for Acquisitions (ASC 805 and ASC 350)
Impairment Testing (ASC 350 and ASC 360)
Stock Compensation (ASC 718)
Portfolio Valuations (ASC 946)
Minimum Performance Standards
Summary
CHAPTER 46 Valuations for Ad Valorem Taxation
Introduction
Definitions of Ad Valorem Taxation Terminology
Basic Principles of the Property Tax Valuation Process
The Property Tax Equalization Process
The Property Tax Appeal Process
Property Tax Valuation Issues
Summary
CHAPTER 47 Fairness Opinions
Introduction
Corporate Law Relevant to Fairness Opinions
Directors' Fiduciary Duties
Board Decisions in the Transaction Context
Overview of Fairness Opinions
Underlying Financial Analyses
Scope of Work Issues
Summary
CHAPTER 48 Solvency Opinions
Introduction
Risks Addressed by Solvency Opinions in Highly Leveraged Transactions
Solvency Opinion Determinations
Analysis Supporting Solvency Opinions
Additional Solvency Opinion Issues
Summary
Part VIII Litigation and Dispute Resolution
CHAPTER 49 Litigation Support Services
Introduction
The Role of Experts in Valuation-Related Disputes
Types of Disputes Requiring Valuation-Related Testimony
Engaging the Valuation Analyst as an Expert
The Litigation Process
Expert Discovery
Pretrial Briefs
Damages
Financial Forensics Investigations
Summary
CHAPTER 50 Expert Testimony
Introduction
Background Preparation
The Court as Gatekeeper
Depositions
Outlining Courtroom Testimony
Exhibits
Preparation with the Attorney
In the Courtroom
Courts' Expectations Regarding Expert Testimony
Summary
CHAPTER 51 Alternative Dispute Resolution
Introduction
Advantages of ADR over Court Trial
Situations Suitable for Arbitration
The Arbitration Agreement
Selection of Arbitrators
Engagement and Compensation of Arbitrators
The Arbitration Process
Reporting the Results of the Arbitration
Mediation
Summary
About the Website
Index

Systemvoraussetzungen

Dateiformat: ePUB
Kopierschutz: Adobe-DRM (Digital Rights Management)

Systemvoraussetzungen:

Computer (Windows; MacOS X; Linux): Installieren Sie bereits vor dem Download die kostenlose Software Adobe Digital Editions (siehe E-Book Hilfe).
Tablet/Smartphone (Android; iOS): Installieren Sie bereits vor dem Download die kostenlose App Adobe Digital Editions oder die App PocketBook (siehe E-Book Hilfe).
E-Book-Reader: Bookeen, Kobo, Pocketbook, Sony, Tolino u.v.a.m. (nicht Kindle)

Das Dateiformat ePUB ist sehr gut für Romane und Sachbücher geeignet – also für „fließenden” Text ohne komplexes Layout. Bei E-Readern oder Smartphones passt sich der Zeilen- und Seitenumbruch automatisch den kleinen Displays an.
Mit Adobe-DRM wird hier ein „harter” Kopierschutz verwendet. Wenn die notwendigen Voraussetzungen nicht vorliegen, können Sie das E-Book leider nicht öffnen. Daher müssen Sie bereits vor dem Download Ihre Lese-Hardware vorbereiten.

Bitte beachten Sie: Wir empfehlen Ihnen unbedingt nach Installation der Lese-Software diese mit Ihrer persönlichen Adobe-ID zu autorisieren!

Weitere Informationen finden Sie in unserer E-Book Hilfe.

Dateiformat: PDF
Kopierschutz: Adobe-DRM (Digital Rights Management)

Systemvoraussetzungen:

Computer (Windows; MacOS X; Linux): Installieren Sie bereits vor dem Download die kostenlose Software Adobe Digital Editions (siehe E-Book Hilfe).
Tablet/Smartphone (Android; iOS): Installieren Sie bereits vor dem Download die kostenlose App Adobe Digital Editions oder die App PocketBook (siehe E-Book Hilfe).
E-Book-Reader: Bookeen, Kobo, Pocketbook, Sony, Tolino u.v.a.m. (nicht Kindle)

Das Dateiformat PDF zeigt auf jeder Hardware eine Buchseite stets identisch an. Daher ist eine PDF auch für ein komplexes Layout geeignet, wie es bei Lehr- und Fachbüchern verwendet wird (Bilder, Tabellen, Spalten, Fußnoten). Bei kleinen Displays von E-Readern oder Smartphones sind PDF leider eher nervig, weil zu viel Scrollen notwendig ist.
Mit Adobe-DRM wird hier ein „harter” Kopierschutz verwendet. Wenn die notwendigen Voraussetzungen nicht vorliegen, können Sie das E-Book leider nicht öffnen. Daher müssen Sie bereits vor dem Download Ihre Lese-Hardware vorbereiten.

Bitte beachten Sie: Wir empfehlen Ihnen unbedingt nach Installation der Lese-Software diese mit Ihrer persönlichen Adobe-ID zu autorisieren!

Weitere Informationen finden Sie in unserer E-Book Hilfe.

Als PDF speichern Als Link merken