Celine (Yue) FEI
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Welcome!
I am currently affiliated with Kenan-Flagler Business School of UNC at Chapel Hill. I received my Ph.D. in Economics from Toulouse School of Economics. Research Areas: Corporate Finance, Venture Capital, Private Equity, Fintech, Machine Learning Email: Celine_Fei@kenan-flagler.unc.edu CV Research Teaching |
Research Papers
Research Papers
3. A Two-Sided Story of Governments as Venture Capitalists: Evidence from China (Last revised: Jun 2022) [Online Appendix]
Exploring a novel dataset and a unique policy experiment, this paper examines the role of government intervention in the emergence of venture capital (VC) in China during 1999-2013. Using difference-in-difference methodology, I find that the central government program leads to an increase in local investment from both government and private VCs, which doubles the number of successful companies.
- HEC Paris PhD Workshop, CICF, SFS Cavalcade Asian-Pacific , WRDS Advanced Research Scholar Program
Exploring a novel dataset and a unique policy experiment, this paper examines the role of government intervention in the emergence of venture capital (VC) in China during 1999-2013. Using difference-in-difference methodology, I find that the central government program leads to an increase in local investment from both government and private VCs, which doubles the number of successful companies.
2. Portfolio Management in Private Equity (Last revised: May 2022), with Gregory W. Brown and David Robinson [Slides] [Online Appendix]
Using a novel deal-level dataset of 5,925 global investments from 1999 to 2016, we take a portfolio view of private equity funds to reconcile various findings in the PE literature. We document several new findings consistent with GPs trading off the benefits of focusing their skills on a relatively small number of portfolio companies with high levels of (especially idiosyncratic) risk.
- 2021 IPC Research Symposium, 2023 AFA (scheduled)
Using a novel deal-level dataset of 5,925 global investments from 1999 to 2016, we take a portfolio view of private equity funds to reconcile various findings in the PE literature. We document several new findings consistent with GPs trading off the benefits of focusing their skills on a relatively small number of portfolio companies with high levels of (especially idiosyncratic) risk.
1. Fintech and Racial Barriers in Small Business Lending (Last revised: Apr 2022), with Keer Yang [Slides]
Using a linked nationwide restaurant sample and loans in the Paycheck Protection Program, we show fintech lenders can benefit minority borrowers more through "technology preference" and "lending relationship" channels.
- 2021 NBER Entrepreneurship Working Group Meeting
- Coverage: FinReg Blog
Using a linked nationwide restaurant sample and loans in the Paycheck Protection Program, we show fintech lenders can benefit minority borrowers more through "technology preference" and "lending relationship" channels.
Work in Progress
Too Political to Fail: Restructuring Through Private Equity, with Ulrich Hege and Josh Lerner
Journal Referees
Management Science
Management Science
Teaching
UNC: Corporate Finance
Toulouse (TA): Corporate Finance (Master), Macroeconomics PhD Core, Macroeconomics (Undergraduate), Econometrics (Undergraduate)
Toulouse (TA): Corporate Finance (Master), Macroeconomics PhD Core, Macroeconomics (Undergraduate), Econometrics (Undergraduate)