Celine (Yue) FEI
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Welcome!
I am currently a Research Associate at Kenan-Flagler Business School of UNC at Chapel Hill. I received Ph.D. from Toulouse School of Economics. Research Interests
Email: Celine_Fei(at)kenan-flagler(dot)unc(dot)edu I study the economics of financing private companies. My researches are around two big themes. First is to understand the role of government programs in providing funding to companies, especially small and/or innovative ones. Second is about how managers in venture capital and private equity firms allocate their resources when making investments. CV Research Teaching |
Working Papers
Working Papers
1. Fintech and Racial Barriers in Small Business Lending, with Keer Yang [Slides]
Coverage: FinReg Blog
Presented at 2021 NBER Entrepreneurship Working Group Meeting
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.
Coverage: FinReg Blog
Presented at 2021 NBER Entrepreneurship Working Group Meeting
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.
2. Portfolio Management in Private Equity Funds, with Gregory W. Brown
Draft Available Upon Request, Under Disclosure Check
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.
Draft Available Upon Request, Under Disclosure Check
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.
3. Can Governments Foster the Development of Venture Capital? [Online Appendix] [Slides]
Presented at CICF, SFS Asian-Pacific Cavalcade, WRDS ARSP
Presented at CICF, SFS Asian-Pacific Cavalcade, WRDS ARSP
4. IPO Liberalization and The Feedback Effects on The Venture Capital Market, with Ulrich Hege
Teaching
In Toulouse (TA)
2018 Principles of Corporate Finance, Master, Professor: Catherine Casamatta
2018 Introductory Econometrics, Undergrad, Professors: Thierry Magnac and Stéphane Gregoir
2015, 2016 Macroeconomics, PhD Core Course, Professors: Christian Hellwig and Nicolas Werquin
2015 Macroeconomics, Undergrad, Professor: Thomas Chaney
2018 Principles of Corporate Finance, Master, Professor: Catherine Casamatta
2018 Introductory Econometrics, Undergrad, Professors: Thierry Magnac and Stéphane Gregoir
2015, 2016 Macroeconomics, PhD Core Course, Professors: Christian Hellwig and Nicolas Werquin
2015 Macroeconomics, Undergrad, Professor: Thomas Chaney