This study took residents’ health level as the research object, adopted the perspective of financial literacy, and used the 2014–2018 China Family Panel Studies data to analyze the impact of financial literacy on the residents’ health. The study found that financial literacy could have a significant positive impact on the residents’ health, with long-term effects. Furthermore, it promoted the residents’ health engagement and improved their health through the intermediary effects of income and health expenditure. In addition, the impact of financial literacy on the residents’ health was heterogeneous between urban and rural areas. Compared with the case for rural residents, the improvement of financial literacy significantly improved the health of the urban residents. The outcomes of this research were the exploration of means to improve residents’ health from a new economic perspective, promote residents’ health engagement, and improve residents’ health.

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Leveraged trading exhibits the characteristics of "strong margin trading and weak short selling" in the Chinese stock market. On the basis of monthly data on leveraged trading in the Chinese stock market from January 2014 to December 2016, we aim to empirically examine the relationship between leveraged trading and investor sentiment, and analyze the characteristics of investor sentiment contained in the leverage ratio. The results show that (1) as the leverage ratio increases, the pattern of investor trading changes from the positive feedback trading of "chasing up and down" to the negative feedback trading of "selling high and buying low"; (2) leveraged trading has the typical characteristics of irrational sentiment; (3) inverse arbitrage strategies based on leverage ratios is effective in one month in the Chinese market. The findings in this paper provide empirical support for clarifying the influence mechanism between leveraged trading and investor sentiment, and can serve as a useful reference for reducing the impact of leveraged trading on volatility and maintaining the sustainability of the stock market.