We find that increases in implied market volatility (a proxy for market fear) have a significant impact on returns of bank stocks, above and beyond systematic risk proxied by the expected excess market return during a bad economic regime. Large bank returns are favorably affected by increases in implied market volatility during the crisis, while small banks are adversely affected by increases in implied market volatility. We attribute the different effects among the size-categorized bank portfolios to the perception that large banks are protected by too-big-to-fail policies. Within the sample of small banks, the adverse share price response to increased implied market volatility is more pronounced for banks that rely more heavily on non-traditional sources of funds, use a high proportion of loans in their assets, have a higher level of non-performing assets, and have a relatively low provision for loan losses. The adverse effect of negative innovations in implied market volatility on small bank returns during the crisis is primarily driven by exposure of their loan portfolio to weak economic conditions.

We examine the attributes that contribute to a successful placement of first time finance Ph.D. job market participants. The results of a survey of 237 former job market candidates suggest that while the ranking of the Ph.D.-granting institution plays a significant role in candidates' success at all stages of the job market (candidates from higher ranked schools receive more conference interviews, fly-outs, job offers, and secure higher salaries), other factors also contribute. Prior publications or invitations to resubmit a paper to a journal, experience of presenting at academic conferences, and prior work experience positively affect marketability. Younger candidates, Caucasians, and graduates of higher ranked schools secure placements with higher research requirements and higher salaries. The quality of the hiring institution plays a central role in the candidate's overall satisfaction with the job market outcome. Additionally, we collect and summarize recommendations of survey respondents to future first-time job market participants.