Before revision:  Our approach outperforms the traditional CAPM and the recently proposed MECAPM both in reproducing the network topology and in estimating systemic risk  .
After revision:  Our approach outperforms the traditional CAPM and the recently proposed MECAPM both in reproducing the network topology and in estimating systemic risk due to fire-sales spillovers. In general, ECAPM can be applied to the whole class of weighted bipartite networks described by the fitness model .