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 |
Research Papers
Research 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. The Economics of Private Equity: A Portfolio View, with Gregory W. Brown and David Robinson [Slides]
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]
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.
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.
4. Too Political to Fail: Restructuring Through Private Equity, with Ulrich Hege and Josh Lerner
Teaching
UNC: Corporate Finance