We estimate the cost of capital for the banking industry and find that while the cost of capital soared for banks in … the financial crisis, after the passage of the Dodd-Frank Act, the value-weighted cost of capital for banks fell … differentially more than did the cost of capital for nonbanks. The very largest banks drive the decline in expected returns. Over a …

network. We estimate that the impairment of any of the five most active U.S. banks will result in significant spillovers to … other banks, with 38 percent of the network affected on average. The impact varies and can be larger on particular days and … in geographies with concentrated banking markets. When banks respond to uncertainty by liquidity hoarding, the potential …

regulatory balance sheet data for U.S. commercial banks and repo market data for broker-dealers. Even for moderate shocks in … normal times, fire-sale externalities can be substantial. For commercial banks, a 1 percent exogenous shock to assets in 2013 … but shows a notable increase starting in 2004, ahead of many other systemic risk indicators. Although the largest banks …

shock to the level of banks' solvency risk is followed by lower short-term debt. Conversely, higher short-term debt Granger …

In recent years, assets of nonbank financial intermediaries (NBFIs) have grown significantly relative to those of banks …, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation. We argue … time, rather than as having migrated from banks to NBFIs. These transformations are at least in part a response to …