Celine (Yue) FEI
Welcome!
I am currently a Postdoctoral Research Associate at Kenan-Flagler Business School of UNC at Chapel Hill. I hold a Ph.D. in Economics from Toulouse School of Economics.
My research aims to use big data to understand the economics of financing small businesses and high-tech startups!
I will be available for interviews in the 2021-2022 job market.
Research Fields: Corporate Finance, Entrepreneurship
Research Interests
You could contact me at
Email: Celine_Fei(at)kenan-flagler(dot)unc(dot)edu
CV Research Data Teaching
Welcome!
I am currently a Postdoctoral Research Associate at Kenan-Flagler Business School of UNC at Chapel Hill. I hold a Ph.D. in Economics from Toulouse School of Economics.
My research aims to use big data to understand the economics of financing small businesses and high-tech startups!
I will be available for interviews in the 2021-2022 job market.
Research Fields: Corporate Finance, Entrepreneurship
Research Interests
- Venture Capital & Private Equity
- Diversity & Disadvantaged Communities
- Fintech, Financial Innovation
- Chinese Economy
You could contact me at
Email: Celine_Fei(at)kenan-flagler(dot)unc(dot)edu
CV Research Data Teaching
Research Papers
Fintech Lending
Can Fintech Lenders Fill the Financing Gap for Minority-Led Small Businesses?, with Keer Yang
Job Market Paper
Key findings: Using a linked database on the Paycheck Protection Program and restaurant ratings and characteristics, we find that 1) minority-led restaurants are more likely to use fintech lenders; 2) minority-led restaurants have higher ratings than non-minority-led restaurants for the group of borrowers using traditional lenders, but an inverted relationship for the group of borrowers using fintech lenders.
Job Market Paper
Key findings: Using a linked database on the Paycheck Protection Program and restaurant ratings and characteristics, we find that 1) minority-led restaurants are more likely to use fintech lenders; 2) minority-led restaurants have higher ratings than non-minority-led restaurants for the group of borrowers using traditional lenders, but an inverted relationship for the group of borrowers using fintech lenders.
Private Equity
Portfolio management in private equity, with Gregory W. Brown
Key findings: In contrast to the “best idea” finding in mutual funds (e.g. Anton et. al. (2021)), we find that larger deals in PE funds have lower return. Moreover, this performance and operation drag associated with large deals can be mitigated with more GP experience. The results are consistent with the argument that PE managers actively manage the risk-return trade-off by putting different amount of funding and energy in portfolio companies of different underlying risk.
Key findings: In contrast to the “best idea” finding in mutual funds (e.g. Anton et. al. (2021)), we find that larger deals in PE funds have lower return. Moreover, this performance and operation drag associated with large deals can be mitigated with more GP experience. The results are consistent with the argument that PE managers actively manage the risk-return trade-off by putting different amount of funding and energy in portfolio companies of different underlying risk.
Venture Capital
Can Governments Foster the Development of Venture Capital? (under revision)
Abstract
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. The positive impact is most pronounced in relatively less developed regions and during the early development of the VC sector. I present two micro-level transmission channels of the crowding-in effects, through networks formed by previous investments and through co-ownership in VC affiliates.
Abstract
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. The positive impact is most pronounced in relatively less developed regions and during the early development of the VC sector. I present two micro-level transmission channels of the crowding-in effects, through networks formed by previous investments and through co-ownership in VC affiliates.
Data Projects
Burgiss Portfolio Company Level Dataset
Data Description
Venture Capital and Start-ups in China
Data Collection Description
Burgiss Portfolio Company Level Dataset
Data Description
Venture Capital and Start-ups in China
Data Collection Description