Financial fraud has a non-negligible negative impact on households, society and financial markets. Therefore, it is important to study the factors that influence residents to become potential victims of financial fraud. Using data from China Family Panel Studies (CFPS), this paper empirically examines the relationship between residents' financial literacy and their possibility of becoming victims of potential frauds. Results show that residents with higher levels of financial literacy were less likely to be victims of potential fraudulent projects than those with lower levels of financial literacy. Specifically, a one-standard-deviation increase in financial literacy is associated with 9.9% decrease in the probability of residents becoming victims of a potential fraudulent project, and this effect also holds in those with lower levels of assets. Further tests show that this effect is more pronounced in people who use internets. These results sheds light on the understanding of financial knowledge's role in preventing the risk of financial fraud.

Utilizing a Dynamic Stochastic General Equilibrium (DSGE) model, this paper examines the effects of pension reform in government agencies and public institutions on the demand for commercial endowment insurance. The research indicates that after the reform, the demand for commercial endowment insurance among employees diminishes in the steady state, yet consumption remains stable, suggesting a substitution effect with basic endowment insurance and occupational annuity. In reaction to unforeseen temporary technological shocks, the demand for commercial endowment insurance fluctuates less initially and then more after the reform, compared to the pre-reform period. This occurs because basic endowment insurance and occupational annuity are compulsory, with contributions being a fixed percentage of income, whereas commercial endowment insurance is optional, with employees making contribution decisions based on utility maximization. The varying intensities of their reactions to technological shocks result in different fluctuations in the demand for commercial endowment insurance before and after the reform. Counterfactual simulations indicate that a higher employer contribution rate (or individual contribution rate) for basic endowment insurance correlates with an increased (or decreased) demand for commercial endowment insurance in the steady state. In addition, the higher the employer contribution rate of occupational annuity, the lower the demand for steady-state commercial pension insurance; the higher the individual contribution rate, the lower the demand for steady-state commercial pension insurance. Moreover, minor differences in contribution rates have a limited impact on the volatility of commercial pension demand under technology shocks, thereby leaving room for gradual reform. This paper offers substantial insights into understanding the interplay between various types of endowment insurance and enhancing the pension financial system.

Using online sales data of listed companies in the consumer sector, we examine the predictive effect of online sales data on future stock returns. Our results show that the year-on-year growth rate of monthly online sales can predict the stock returns of the next month, and the calendar portfolio constructed based on the growth rate of online sales has significant excess returns. This article further empirically analyzes the two conditions for online sales data to have predictive effects: online sales data contains information related to the company's operating performance, and stock prices cannot respond to these information in a timely manner. We find that the year-on-year growth rate of online sales can significantly predict the growth of the company's operating income and the change in profitability, and the return rate of the calendar portfolio is highest in the second week after the portfolio is constructed, that is, investors’ response to online sales information has been delayed. In addition, this article also finds that online sales data contains new information beyond the traditional financial information that affects stock pricing. The conclusions of this article are of great significance for understanding the role played by alternative data such as online sales data in the capital market and the effectiveness of the market.