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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. in Economics 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
You could contact me at Email: Celine_Fei(at)kenan-flagler(dot)unc(dot)edu
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Working Papers
Working Papers
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1. Can Fintech Benefit Minority-Owned Small Businesses? Evidence from the Paycheck Protection Program, with Keer Yang
Job Market Paper, Draft Available Upon Request Abstract Using a linked database on a large sample of restaurants from Yelp and on Paycheck Protection Program (PPP) loans in the 2020 and 2021 waves, we study how fintech lenders can benefit minority-owned small businesses. We document that the difference between minority- and non-minority-owned restaurants in customer ratings is smaller for fintech lenders compared with non-fintech lenders. In a simple two-sided matching game model, a smaller difference in customer ratings indicates that minority-owned restaurants are less undervalued when matched with fintech than with non-fintech lenders. We do not find a similar pattern for first-time banks, community development financial institutions, or credit unions. Language barrier, business capital, and lending relationship contribute to the difference between minority- and non-minority-owned small businesses. Our results suggest that there are systematic biases in the traditional loan distribution channel which can be at least partially addressed by fintech lenders. |
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2. Portfolio Management in Private Equity Funds, with Gregory W. Brown
Draft Available Upon Request Abstract While there is a large literature on portfolio management for funds managing publicly-traded securities, very little is known about portfolios of private equity funds. In this paper we present new evidence on portfolio management of private equity (PE) buyout funds using high-quality deal-level data from Burgiss. Specifically, we examine global investments in 5,925 portfolio companies to determine the importance of investment size, sector specialization, and regional specialization on fund returns and risk. Our study shows both differences and similarities between portfolio management in mutual funds and private equity funds. Unlike the finding that “best ideas” (Antón, Cohen, and Polk, 2021) in mutual funds outperform, we find that deals representing a larger percentage of fund assets have lower returns in PE funds. However, these larger investments are also less risky on average consistent with this representing a deliberate choice by fund managers (i.e., general partner, GP) to not “bet-the-farm” on any one deal. Similar to findings for 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. Our results also suggest that the experience level of the GP affects portfolio decisions. The negative relationship between deal-size and return is mitigated by GP experience, consistent with the hypothesis that operational risk management of large deals is easier for more experienced GPs. Performance related to geographic concentration is persistent for a given GP and increases with the level of GP experience, suggesting that concentration degree is a style characteristic of fund managers that forms along with the accumulation of experience. |
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3. Can Governments Foster the Development of Venture Capital?
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 the difference-in-difference methodology, I find that the staggered introduction of a central government program leads to an increase in local investments from both government and private VCs, which amounts to a double in the number of successful exits. 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 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
Abstract I investigate the exit outcomes of start-ups backed by government VCs (GVCs) and private VCs (PVCs), using a sample of 8,106 start-ups in China funded by VCs between 1991 and 2013 and exit information updated in 2018. I find that start-ups backed by GVCs are less likely to exit through domestic Initial Public Offerings (IPOs), oversea IPOs, and M&As. I explore three potential explanations. Firstly, evidence shows that GVCs support younger and innovation-oriented start-ups. Secondly, I find that the performance gap between GVCs and PVCs narrows in more mature VC markets. Thirdly, I exploit political turnover as an exogenous shock to political connections and find that deals made during times of political turnover by both GVCs and PVCs have a lower probability of successful exits. However, no significant evidence suggests that the performance gap varies during times of political turnover. |
Work In progress
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5. IPO Liberalization and The Feedback Effects on The Venture Capital Market, with Ulrich Hege
Abstract Using the introduction of junior stock market boards geared to start-ups in China, we study the feedback effects of stock market liberalization on venture capital investments. The opening announcements of the new stock markets functioned like quasi-experiments as their dates were hard to predict over a protracted period. 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. We also find evidence that that the reforms lead to a shift towards investments closer to IPO exits, and increase the liquidity of the VC funding market. Cross-border investors seem to react particularly strongly to the reform. |
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
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
Data Projects
Burgiss Portfolio Company Level Dataset
Venture Capital and Start-ups in China
Linking Crunchbase and CBinsights
(largely contributed by my coauthor Joy Tong)
News Coverage of VC/PE Deals
Technology Usage of Startups
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
Linking Crunchbase and CBinsights
(largely contributed by my coauthor Joy Tong)
News Coverage of VC/PE Deals
Technology Usage of Startups
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
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 Prof. Adrien Matray Assistant Professor in Economics Department of Economics, Bendheim Center for Finance Princeton University 20 Washington Road, Princeton, NJ 08540, USA |