3See Joan MacLeod Henfinway, Shetden l:<yan Hoffman, Proceed at Your Peril: Crowdfimding and the Securities Act of 1933, Tenn. L. Rev. Vol.78, 21)11, pp.879-881. 2.
4See Paul Belleilamme, Thomas Lambert, Armin Schwienbacher, Crowdfunding: Tapping the Right Crowd, Center for Operations P, esearch & Econometrics, Discussion Paper No. 2011/32. 3.
5See C. Steven Bradford, Crowdftmding and the Federal Securities Laws, Columbia Business Law Review, No. 1,2012, p. 11. 4.
6Susanna Khavul, Microfinance: Creating Opportunities for the Poor, Academy of Management Perspectives, vol.24, 2010, pp.58-72. 5.
7Gijsbert Koren, Crowdfnnding, microfinance and peer to peer lending, available at http://wxswe.smartemmney.nl/?p=73, 2012- l 1-27. 6.
8See Kevin E. Davis, Anna Gelpem, Peer-to-Peer Financing for I)evelopment: Regulating the Intermediaries, N.Y.U.J. Int'l L. & Pol. Vol.42, 2010, p.121)9. 7.
9See C. Steven BradR)rd, Crowdfunding and the Federal Securities Laws, Colmnbia Business Law R.eview, No. 1, 2(I 12, pp.20-24. 8.
10See Edan Burkett, A Crowdfunding Exemption? Online Investment Crowdfunding and U.S. Securities Regulation, Transactions: The Tennessee Journal of Business Law, Vol, 13, 2011, p47. 9.
5Karina Sigar. Fret no More : Inapplicability of Crowdfund- ing Concerns in the Internet Age and the Jobs Act' s Safe- guards [J]. Administrative Law Review, 2012:474 - 475.
6Joan MacLeod Heminway, Shelden Ryan Hoffman. Pro- ceed at Your Peril: Crowdfunding and the Securities Act of 1933[J]. Tenn. L. Rev. ,2011:879 -881.
7C. Steven Bradford. Crowdfunding and the Federal Secur- ities Laws[J]. Columbia Law Review,2012 : 14 - 15.
8Thomas Lee Hazen. Crowdfunding or Fraudfunding? So- cial Networks and the Securities Law: Why the Specially Tailored Exemption Must Be Conditioned On Meaningful Disclosure [J]. North Carolina Law Review,2012 : 1735.
9Jill E. Fisch. Can Internet Offerings Bridge the Small Business Capital Barrier? [J]. J. Small & Emerging Bus. L. ,1998:57-64.
10U.S. Government Accountability Office, Small Business : Efforts to Facilitate Equity Capital Formation [S]. GAO! GGD - 00190, 2000 : 19.
