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Celine (Yue) FEI 费越
Welcome! I am currently a Postdoctoral Research Associate at Kenan-Flagler Business School of UNC at Chapel Hill. I received my Ph.D. from Toulouse School of Economics. I will be available for interviews in the 2021-2022 academic job market. Research Fields: Corporate Finance, Entrepreneurship Research Interests
CV Research Data Teaching |
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References
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Prof. Gregory W. Brown
Professor in Finance Kenan-Flagler Business School University of North Carolina at Chapel Hill 300 Kenan Center Dr., Chapel Hill, NC 27599, USA Prof. Josh Lerner Professor in Finance Harvard Business School Harvard University Soldiers Field, Boston, MA 02163, USA |
Prof. Ulrich Hege
Professor in Finance Finance Group Toulouse School of Economics 21 All. de Brienne, Toulouse 31000, France |
Working Papers
Working Papers
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1. Fintech and Racial Barriers in Small Business Lending, with Keer Yang
[Online Appendix] [Slides] Job Market Paper Presented at 2021 NBER Entrepreneurship Working Group Meeting Using a linked database of Paycheck Protection Program (PPP) loans and Yelp-listed restaurants, we document that businesses owned by minority racial groups are more likely to use fintech lenders than traditional lenders. We find a more negative minority-non-minority gap in operational performance for fintech lenders, suggesting minority-owned businesses have higher matching values with fintech lenders. |
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2. Portfolio Management in Private Equity Funds, with Gregory W. Brown
Draft Available Upon Request, Under Disclosure Check Presented at Tulane (*) Our study shows both differences and similarities between portfolio management in mutual funds and private equity funds. Unlike the finding that “best ideas” in mutual funds outperform (Antón, Cohen, and Polk, 2021), we find that deals representing a larger percentage of fund assets have lower returns in PE funds. Similar to findings for venture capital funds (Gompers, Kovner, and Lerner, 2009) and mutual funds (Kacperczyk, Sialm, and Zheng, 2005), we find that a higher degree of industry or geographic concentration is associated with both higher fund returns as well as a higher fund risk. |
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3. Can Governments Foster the Development of Venture Capital?
[Online Appendix] Presented at 2019 CICF, 2019 SFS Asian-Pacific Cavalcade, 2019 WRDS Advanced Research Scholar Program The staggered introduction of a central government program in China leads to an increase in local investments from both government and private VCs, especially in relatively less developed regions and during the early development of the VC sector. I present two micro-level transmission channels of this crowding-in effect, through networks formed by previous investments and through co-ownership in VC affiliates. |
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4. (Under)performance of Government Venture Capitalists: New Evidence and Explanations
Start-ups backed by government VCs (GVCs), compared with private VCs (PVCs) are less likely to exit through domestic Initial Public Offerings (IPOs), oversea IPOs, and M&As. The performance gap between GVCs and PVCs narrows in more mature VC markets. |
Work In Progress
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5. IPO Liberalization and The Feedback Effects on The Venture Capital Market, with Ulrich Hege
We build the most comprehensive data set on Chinese VC-backed companies to date by training a machine-learning algorithm on the business scope text and classify firms in the mandatory government registry data of companies. Exploiting a specific regulation-driven variation in industry treatment intensities and using the difference-in-difference methodology, we find that successive stock market reforms that facilitate venture capital exits lead to an increase in venture capital activity, especially for early-stage investments. |
Social Impact in Venture Capital, with Joy Tong
The Impacts of Media Coverage on Venture Capital Markets, with Xiang Yin
Digitalization and Costs of Entrepreneurial Experimentation, with Luise Eisfeld
Data Projects
Burgiss Portfolio Company Level Dataset
- Early Data Description
- Future Data Opportunities
Venture Capital and Start-ups in China
- Data Collection Description
- Firm Classification in the Chinese Registry Data
News Coverage of VC/PE Deals
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
In Beijing (TA)
2012 Real Analysis, Undergrad, Professor: Qihou Liu
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
In Beijing (TA)
2012 Real Analysis, Undergrad, Professor: Qihou Liu
Early Works (Read For Fun)
Growth with Offshoring
Trust and Innovation: New Evidence, with Yang Zhang
Firm Level Match under Imperfect Information Along the Global Value Chain, with Rui Zhang