Celine Yue FEI
Welcome! I am currently affiliated with Kenan-Flagler Business School of UNC at Chapel Hill. I obtained my Ph.D. in Economics from Toulouse School of Economics.
​​Research Areas: Entrepreneurship, Venture Capital, Private Equity, ​Fintech

Google Scholar Profile; UNC Official Page​; CV

Contact Information:
University of North Carolina at Chapel Hill
Kenan-Flagler Business School
Chapel Hill, NC, 27599
​Email: Celine_Fei@kenan-flagler.unc.edu
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Research Papers
1. Crowding-in in Venture Capital   New Draft Coming Soon
Job Market Paper
  • ​UNC Brownbag​ ​​
2. Portfolio Management in Private Equity, with Gregory W. Brown and David Robinson [Slides] [Online Appendix]
  • AFA (scheduled)
  • Lausanne Private Markets Research Conference (cancelled)
  • UNC Annual Private Equity Research Consortium ​(*, scheduled)
  • GSU Conference on Financial Economics and Accounting (scheduled)
  • USC Finance, Organizations and Markets Conference  (scheduled)
  • WashU St. Louis Annual Conference on Corporate Finance (*, scheduled)​
  • 2021 IPC Research Symposium (*)
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.
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3. What Explains Racial Disparities in Fintech Lending? Evidence from a Structural Estimation
  • 2021 NBER Entrepreneurship Working Group
  • ​Atlanta Fed & GSU CEAR-CenFIS Conference on Financial Innovation (scheduled)
​​Using a national sample of restaurants in the Paycheck Protection Program, I document that minority-owned small businesses are more likely to be matched with fintech than conventional lenders. To quantify the magnitude of the additional value of fintech lenders to minority borrowers, I estimate an empirical matching model and find that shutting off that fintech value channel decreases minority borrowers’ usage of fintech by approximately 70%.
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4. IPO Market Liberalization and Venture Capital Development, with Ulrich Hege

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5. Can Government Foster the Development of Venture Capital?
  • 2019 CICF, 2019 SFS Asian-Pacific Cavalcade, 2019 WRDS Advanced Research Scholar Program, 2018 European Winter Meeting of the Econometric Society, 2018 HEC Paris PhD Workshop, 2018 Royal Economic Society PhD Meeting
Work in Progress
6. Too Political to Fail: Restructuring Through Private Equity, with Ulrich Hege and Josh Lerner
Journal Referees
Management Science

​Teaching

UNC (Lecturer): Corporate Finance BUSI408
​Toulouse (TA): Corporate Finance (Master), Macroeconomics PhD Core, Macroeconomics (Undergraduate), Econometrics (Undergraduate)