由中國汕頭大學商學院姚承曦教授和美國前聯邦證券與交易委員會官員David Sirignano合著的Regulation of Securities Offerings and Investment Banking：Cases and Materials for Study in U．S．Securities Act of 1933《美國證券發行經典案例教程》，從金融與監管的角度，繫統並突出中國企業特色，介紹了美國證券發行市場的運行機制和監管理論。

In Perspective：Securities and Financial Regulation
Foreword--美國法學者序
Foreword--中國經濟學者序
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