The behavior of the term structure of zero-coupon bonds parallels the behavior of coupon bonds. Previous studies have demonstrated that there are synchronous changes among different maturities of coupon bonds. Results of statistical and sign tests are used to measure the degree of synchronicity, the relative amplitude of change and the amount of sensitivity among different paired maturities for zero-coupon bonds. A comparison is then made to the results of coupon bonds to verify that the behavior of the term structure of zero-coupon bonds are consistent with observations in previous studies, including a study of high-grade corporate bonds from 1901-1954 by Dr. David I. Meiselman. Generally, all maturities move in the same direction with short term rates more synchronous than longer term rates. Also, there is a general tendency for relative volatility to vary inversely with maturity, therefore, short term maturities have a greater degree of volatility than do long term maturities. The results are generally consistent with Meiselman's earlier findings. / Master of Arts

From the United Kingdom's Brexit on June 23, 2016, to the formal Brexit on January 30, 2020, there has been a large amount of academic literature discussing the possible effects of Brexit. Among them, the literature on the impact of Brexit on tax policy reforms and capital markets in EU countries is too numerous to enumerate. However, the current research literature lacks a discussion of Central and Eastern European countries, and there is even less research on the link between capital markets and tax policy reforms. This article assumes that the impact of Brexit on the capital markets of CEE countries will cause the government to turn to tax increases to increase fiscal revenue. Three hypotheses are proposed under this assumption. In addition, the empirical research in this article uses the combination of the Poisson model and the Heckman selection model to conduct regression research on the overall taxation of CEE countries, changes in direct and indirect taxation tax policies and bond interest rates, government changes, and political parties left or right. It is concluded that Brexit has no significant impact on the capital markets of CEE countries, and has not caused enough shocks that the government will turn to the government to increase revenue by issuing more tax increases. And Brexit...