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The main purpose of this article is to test the relationship between market power, innovation, and stock return in Tehran security market. To meet this end, the data of 153 institutions in Tehran security market over the period of 1997-2018 were used through a panel smooth transition approach. The results indicate the existence of a nonlinear relationship among variables in innovation and stock returns equations. Also, in the innovation coefficient equation, with an increase in market power as a transition variable to the threshold level, the innovation coefficient was increasing and significant, and passing through this level it was decreasing and significant. In addition, in the stock return equation, this trend maintains increasing innovation before and after the threshold level. In general, the results of innovation intensity and stock returns equations show that in the firms active in Tehran Stock Exchange, there was an asymmetrical and U-inverse relationship between the market power, innovation, and stock return. Moreover, evidence of competitionaversion effects was confirmed in most stock exchange firms.

Wagner's law indicates a positive long-run equilibrium relationship between per capita income growth and the relative size of the public sector. Accordingly, the main purpose of this article is to verify Wagner's theory and the law on operational budgeting reforms on public spending and educational, health, and military priorities. To meet these ends, the data of 13 Asian selected countries during 2000-2018 periods and the Feasible Generalized Least Squares (FGLS) technique were used. The results show that by increase in GDP per capita, the trend and structure of public expenditures, educational and health priorities will be increasing and significant; But in the military program, this effect is negative and significant. This validates the Wagner's law in public spending, and educational and health priorities. In addition, the impact of performance-based budget Reform has led to changes in the budget structure and trend of public spending, but in the educational, health, and military priorities, the pertaining significance is not confirmed. In other words, due to the lack of change in the structure, trend of expenditures and the pattern of budget allocation, the effect of the implementation of this law was temporary and not permanent.

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