由中国汕头大学商学院姚承曦教授和美国前联邦证券与交易委员会官员David Sirignano合著的Regulation of Securities Offerings and Investment Banking：Cases and Materials for Study in U．S．Securities Act of 1933《美国证券发行经典案例教程》，从金融与监管的角度，系统并突出中国企业特色，介绍了美国证券发行市场的运行机制和监管理论。

In Perspective：Securities and Financial Regulation

Foreword--美国法学者序 

Foreword--中国经济学者序

SUMMARY OF CONTENTS

TABLE OF CONTENTS

CHAPTER l SECURITIES oFFERINGS：REGISTRATION

REQUIREMENT AND EXEMPTIONS

Section 1．1 PublicOfferings：TheDisclosureSystem

 1．1．1 Overview ofRegistration Process

 1．1．2 ECMH．Integrated Disclosure System and Disparate Quality Dilemma

 1．1．3 ECMH，Shelf Offering and Due Diligence Dilemma

Section 1．2 Non-Public Offerings：TransactionsExemptfrom Registration

 1．2．1 Section 4(a)(2)Exemption for“Transactions by an Issuer Not Involving Any Public Offering”

 1．2．2 Regulation D Safe Harbor for Offering by Issuer to Accredited and Sophisticated Investors：Integration Doctrine

 1．2．3 Rule 144A Safe Harbor for 0ffering by Non—Issuer Seller to Qualified Institutional Buyers QIBs

 1．2．4 Section 3(a)(11)Intrastate Offering Exemption for Local Financing

Section 1．3 aoing Public the Non—Traditional Way and Theory ofSale

 1．3．1 Spin Off．

 1．3．2 Reverse Merger and Back Door Registration

CHAPTER 2 MATERIALITY AND CIVIL LIABILITY

Section 2．1 Concept ofMateriality

 2．1．1 Meaning ofMaterial Fact

 2．1．2 MD&A：Management’S Discussion and Analysis of Financial Statements

 2．1．3 Forward—Looking Statements：Bespeaks Caution Doctrine and Its Progeny．

Section 2．2 Standards of Civil Liability

 2．2．1 Public Offering：Liability for False Registration Statement

 2．2．2 A11 Offerings：Liability for Fraudulent Offer or Sale of Securities

 2．2．3 Securities Professional as Statutory Seller

CHAPTER 3 UNDERWRITING AND STATUTORY UNDERWRITER

Section 3．1 SyndicateBook-BuildingandAflermarketActivities

 3．1．1 Integrity ofPublic Offering Process：Pricing andAlloction

 3．1．2 Syndicate Stabilizing，Aftermarket Covering，and Penalty Bids

Section 3．2 Investment Banking-Research Conflicts of Interest

 3．2．1 Managing Investment Banking—Research Conflicts of Interest

 3．2．2 Research Publication in connection with an Offering．

Section 3．3 Statutory Underwriter

 3．3．1 Primary Distribution by Issuer

 3．3．2 Secondary Distribution by Controlling Shareholder

CHAPTER 4 PROSPECTUS；FREE WRITING PROSPECTUS： ILLEGAL oFFER

Section 4．1 Pre-Filing Period：Concept ofConditioning the Market

 4．1．1 Section 5(c)Prohibition against Gun Jumping

 4．1．2 “Conditioning the Market”Concept Modernized

Section 4．2 Waiting Period：Concept ofNon—Conforming Prospectus

 4．2．1 Section 5(b)(1)Prohibition against Free Writing

 4．2．2 “Free Writing Prospectus”as Modem Concept

Section 4．3 Post-Effectiveness andAftermarket：FinalProspectus

 4．3．1 Sections 5(b)(2)／4(a)(3)Requirements of Final Prospectus Delivery

 4．3．2 Timing Asymmetry：Investment Decision and Information Availability

CHAPTER 5 INNOVATIVE FINANCIAL PRODUCTS AND INTERNET OFFERINGS

Section 5．1 WhatIs a"Security”

 5．1．1 Investment Contracts：Variable Schemes VS Economic Realitv

 5．1．2 Hybrid Insurance—Securities Products

 5．1．3 OTC Derivatives：Equity Swap and Synthetic Option

 5．1．4 OTC Derivatives：Credit Default Swap(CDS)

Section 5．2 Securities Offerings overInternet

 5．2．1 Public Offering：Alternatives to Traditional Firm Commitment Underwriting

 5．2．2 Capital Raising from the Online Crowd：Crowdfunding Small and Micro Businesses

 5．2．3 Free Stock Distribution on Internet：Theory of Sale Applied to CyberShares