In reading, word frequency is commonly regarded as the major bottom-up determinant for the speed of lexical access. Moreover, language processing depends on top-down information, such as the predictability of a word from a previous context. Yet, however, the exact role of top-down predictions in visual word recognition is poorly understood: They may rapidly affect lexical processes, or alternatively, influence only late post-lexical stages. To add evidence about the nature of top-down processes and their relation to bottom-up information in the timeline of word recognition, we examined influences of frequency and predictability on event-related potentials (ERPs) in several sentence reading studies. The results were related to eye movements from natural reading as well as to models of word recognition. As a first and major finding, interactions of frequency and predictability on ERP amplitudes consistently revealed top-down influences on lexical levels of word processing (Chapters 2 and 4). Second, frequency and predictability mediated relations between N400 amplitudes and fixation durations, pointing to their sensitivity to a common stage of word recognition; further, larger N400 amplitudes entailed longer fixation durations on the next word, a result providing evidence for ongoing processing beyond a fixation (Chapter 3). Third, influences of presentation rate on ERP frequency and predictability effects demonstrated that the time available for word processing critically co-determines the course of bottom-up and top-down influences (Chapter 4). Fourth, at a near-normal reading speed, an early predictability effect suggested the rapid comparison of top-down hypotheses with the actual visual input (Chapter 5). The present results are compatible with interactive models of word recognition assuming that early lexical processes depend on the concerted impact of bottom-up and top-down information. We offered a framework that reconciles the findings on a timeline of word recognition taking into account influences of frequency, predictability, and presentation rate (Chapter 4). / Wortfrequenz wird in der Leseforschung als wesentliche Bottom-up Determinante für die Geschwindigkeit des lexikalischen Zugriffs betrachtet. Darüber hinaus spielen Top-down Informationen, wie die kontextbasierte Wortvorhersagbarkeit, in der Sprachverarbeitung eine wichtige Rolle. Bislang ist die exakte Bedeutung von Top-down Vorhersagen in der visuellen Worterkennung jedoch unzureichend verstanden: Es herrscht Uneinigkeit darüber, ob ausschließlich späte post-lexikalische, oder auch frühe lexikalische Verarbeitungsstufen durch Vorhersagbarkeit beeinflusst werden. Um ein besseres Verständnis von Top-down Prozessen und deren Zusammenhänge mit Bottom-up Informationen in der Worterkennung zu gewährleisten, wurden in der vorliegenden Arbeit Einflüsse von Frequenz und Vorhersagbarkeit auf ereigniskorrelierte Potentiale (EKPs) untersucht. Die Ergebnisse aus mehreren Satzlesestudien wurden mit Blickbewegungen beim natürlichen Lesen sowie mit Modellen der Worterkennung in Beziehung gesetzt. Als primärer Befund zeigten sich in EKP Amplituden konsistent Interaktionen zwischen Frequenz und Vorhersagbarkeit. Die Ergebnisse deuten auf Top-down Einflüsse während lexikalischer Wortverarbeitungsstufen hin (Kapitel 2 und 4). Zweitens mediierten Frequenz und Vorhersagbarkeit Zusammenhänge zwischen N400 Amplituden und Fixationsdauern; die Modulation beider abhängigen Maße lässt auf eine gemeinsame Wortverarbeitungsstufe schließen. Desweiteren signalisierten längere Fixationsdauern nach erhöhten N400 Amplituden das Andauern der Wortverarbeitung über die Dauer einer Fixation hinaus (Kapitel 3). Drittens zeigten sich Einflüsse der Präsentationsrate auf Frequenz- und Vorhersagbarkeitseffekte in EKPs. Der Verlauf von Bottom-up und Top-down Prozessen wird demnach entscheidend durch die zur Wortverarbeitung verfügbaren Zeit mitbestimmt (Kapitel 4). Viertens deutete ein früher Vorhersagbarkeitseffekt bei einer leseähnlichen Präsentationsgeschwindigkeit auf den schnellen Abgleich von Top-down Vorhersagen mit dem tatsächlichen visuellen Input hin (Kapitel 5). Die Ergebnisse sind mit interaktiven Modellen der Worterkennung vereinbar, nach welchen Bottom-up und Top-down Informationen gemeinsam frühe lexikalische Verarbeitungsstufen beeinflussen. Unter Berücksichtigung der Effekte von Frequenz, Vorhersagbarkeit und Präsentationsgeschwindigkeit wird ein Modell vorgeschlagen, das die vorliegenden Befunde zusammenführt (Kapitel 4).

Alerting signals often serve to reduce temporal uncertainty by predicting the time of stimulus onset. The resulting response time benefits have often been explained by facilitated translation of stimulus codes into response codes on the basis of established stimulus-response (S-R) links. In paradigms of masked S-R priming alerting signals also modulate response activation processes triggered by subliminally presented prime stimuli. In the present study we tested whether facilitation of visuo-motor translation processes due to alerting signals critically depends on established S-R links. Alerting signals resulted in significantly enhanced masked priming effects for masked prime stimuli that included and that did not include established S-R links (i.e., target vs. novel primes). Yet, the alerting-priming interaction was more pronounced for target than for novel primes. These results suggest that effects of alerting signals on masked priming are especially evident when S-R links between prime and target exist. At the same time, an alerting-priming interaction also for novel primes suggests that alerting signals also facilitate stimulus-response translation processes when masked prime stimuli provide action-trigger conditions in terms of programmed S-R links.

By conducting an explorative study it is tried to determine whether a sample of film enthusiasts can produce a similar result in judging for the 87th Academy Awards for movies in 2014 like the actual Academy members or not. An online survey has been created and the votes cast by the participants have been tabulated. It can be shown that the results of the simulated awards voting in the survey are quite similar to the actual Academy decision. However, additional adjustments and further studies are recommended to ensure the results.

Sensory inputs can be ambiguous. A physically constant stimulus that induces several perceptual alternatives is called multistable. Many factors can influence perception. In this thesis I investigate factors that affect visual multistability. All presented studies use a pattern-component rivalry stimulus consisting of two gratings drifting in opposite directions (called the plaid stimulus). This induces an “integrated” perception of a moving plaid (the pattern) or a “segregated” perception of overlaid gratings (the components). One study (chapter 2) investigates parameter dependence of a plaid stimulus on perception, with particular emphasis on the first percept. Specifically, it addresses how the enclosed angle (opening angle) affects the perception at stimulus onset and during prolonged viewing. The effects that are shown persist even if the stimulus is rotated. On a more abstract level it is shown that percepts can influence each other over time (chapter 3) which emphasizes the importance of instructions and report mode. In particular, it relates to the decision which percepts are instructed to be reported at all as well as which percepts can be reported as separate entities and which are pooled into the same response option. A further abstract level (predictability of a stimulus change, chapter 5) shows that transferring effects from one modality to another modality (specifically from audition to vision) requires careful choice of stimulus parameters. In this context, we give considerations to the proposal for a wider usage of sequential stopping rules (SSR, chapter 4), especially in studies where effect sizes are hard to estimate a priori. This thesis contributes to the field of visual multistability by providing novel experimental insights into pattern-component rivalry and by linking these findings to data on sequential dependencies, to the optimization of experimental designs, and to models and results from another sensory modality.:Bibliographische Beschreibung 3 Acknowledgments 4 CONTENTS 5 Collaborations 7 List of Figures 8 List of Tables 8 1. Introduction 9 1.1. Tristability 10 1.2. Two or more interpretations? 11 1.3. Multistability in different modalities 12 1.3.1. Auditory multistability 12 1.3.2. Haptic multistability 13 1.3.3. Olfactory multistability 13 1.4. multistability with several interpretations 13 1.5. Measuring multistability 14 1.5.1. The optokinetic nystagmus 14 1.5.2. Pupillometry 15 1.5.3. Measuring auditory multistability 15 1.5.4. Crossmodal multistability 16 1.6. Factors governing multistability 16 1.6.1. Manipulations that do not involve the stimulus 16 1.6.2. Manipulation of the stimulus 17 1.6.2.1. Factors affecting the plaid stimulus 17 1.6.2.2. Factors affecting the auditory streaming stimulus 18 1.7. Goals of this thesis 18 1.7.1. Overview of the thesis 18 2. Parameter dependence in visual pattern-component rivalry at onset and during prolonged viewing 21 2.1. Introduction 21 2.2. Methods 24 2.2.1. Participants 24 2.2.2. Setup 24 2.2.3. Stimuli 25 2.2.4. Procedure 26 2.2.5. Analysis 27 2.2.6. (Generalized) linear mixed-effects models 30 2.3. Results 30 2.3.1. Experiment 1 30 2.3.1.1. Relative number of integrated percepts 31 2.3.1.2. Generalized linear mixed-effects model 32 2.3.1.3. Dominance durations 33 2.3.1.4. Linear mixed-effects models 33 2.3.1.5. Control: Disambiguated trials 33 2.3.1.6. Time course of percept reports at onset 34 2.3.1.7. Eye movements 35 2.3.2. Experiment 2 36 2.3.2.1. Relative number of percepts 36 2.3.2.2. Generalized linear mixed-effects model 37 2.3.2.3. Dominance durations 38 2.3.2.4. Linear mixed-effects model 38 2.3.2.5. Control: Disambiguated trials 40 2.3.2.6. Time course of percept reports at onset 42 2.3.2.7. Eye movements 44 2.4. Discussion 45 2.5. Appendix 49 2.5.1. Appendix A 49 3. Perceptual history 51 3.1. Markov chains 52 3.1.1. Markov chains of order 1 and 2 52 3.2. Testing for Markov chains 55 3.2.1. The method of Naber and colleagues (2010) 56 3.2.1.1. The method 56 3.2.1.2. Advantages and disadvantages of the method 56 3.2.2. Further methods for testing Markov chains 57 3.3. Summary and discussion 58 4. Sequential stopping rules 60 4.1. The COAST rule 61 4.2. The CLAST rule 61 4.3. The variable criteria sequential stopping rule 61 4.4. Discussion 62 4.5. Using the vcSSR when transferring an effect from audition to vision 64 5. Predictability in visual multistability 66 5.1. Pretests 66 5.2. Predictability effects in visual pattern-component rivalry 69 5.2.1. Introduction 69 5.2.2. Methods 71 5.2.2.1. Participants 71 5.2.2.2. Setup 72 5.2.2.3. Stimuli 73 5.2.2.4. Conditions 73 5.2.2.5. Design and procedure 73 5.2.2.6. Analysis 74 5.2.3. Results 75 5.2.3.1. Valid reports 75 5.2.3.2. Verification of reports by eye movements 76 5.2.3.3. Onset latency 76 5.2.3.4. Dominance durations 78 5.2.3.5. Relative dominance of the segregated percept 78 5.2.4. Discussion 78 6. General discussion 83 6.1. Reporting percepts 83 6.1.1. Providing two versus three response options 83 6.1.2. Stimuli with more than three percepts 84 6.1.3. When to pool percepts together and when not 84 6.1.4. Leaving out percepts 87 6.1.5. Measuring (unreported) percepts 88 6.2. Comparing influencing factors on different levels 88 6.3. The use of the vcSSR 90 6.4. Valid reports 90 6.5. Conclusion 93 References 94

Alerting signals often serve to reduce temporal uncertainty by predicting the time of stimulus onset. The resulting response time benefits have often been explained by facilitated translation of stimulus codes into response codes on the basis of established stimulus-response (S-R) links. In paradigms of masked S-R priming alerting signals also modulate response activation processes triggered by subliminally presented prime stimuli. In the present study we tested whether facilitation of visuo-motor translation processes due to alerting signals critically depends on established S-R links. Alerting signals resulted in significantly enhanced masked priming effects for masked prime stimuli that included and that did not include established S-R links (i.e., target vs. novel primes). Yet, the alerting-priming interaction was more pronounced for target than for novel primes. These results suggest that effects of alerting signals on masked priming are especially evident when S-R links between prime and target exist. At the same time, an alerting-priming interaction also for novel primes suggests that alerting signals also facilitate stimulus-response translation processes when masked prime stimuli provide action-trigger conditions in terms of programmed S-R links.

By conducting an explorative study it is tried to determine whether a sample of film enthusiasts can produce a similar result in judging for the 87th Academy Awards for movies in 2014 like the actual Academy members or not. An online survey has been created and the votes cast by the participants have been tabulated. It can be shown that the results of the simulated awards voting in the survey are quite similar to the actual Academy decision. However, additional adjustments and further studies are recommended to ensure the results.

Diese Dissertation zielt darauf ab, ein besseres Verständnis für Anomalien und Insiderhandel zu schaffen, sowie die Verfügbarkeit von qualitativ hochwertigen Daten für den deutschen Aktienmarkt zu verbessern. Der erste Aufsatz beinhaltet eine verzerrungsfreie Zeitreihe von monatlichen Renditen deutscher Aktien für die Jahre 1954 bis 2013, die auf der Basis stabiler Regeln berechnet und gut dokumentiert ist. Im Weiteren enthält der Aufsatz eine detaillierte Beschreibung des deutschen Aktienmarktes und dessen Besonderheiten, insbesondere im Vergleich zu den USA. Der zweite Aufsatz zeigt am Beispiel des Fama/French Drei-Faktoren-Modells die Probleme auf, die Anbieter und Nutzer von Faktorendaten haben, die sich nicht auf die USA beziehen. Die empirische Analyse von sieben Faktorensets für Deutschland zeigt, dass die Übernahme von Faktormodellen in einen anderen Kapitalmarkt eine komplexe Thematik ist. Der Aufsatz gibt Anregungen für Nutzer und Anbieter von Faktorensets und zeigt, wie die Wahl des Faktorensets das Ergebnis einer Studie beeinflussen kann. Im dritten Aufsatz werden verschiedene zyklische und antizyklische Handelsstrategien hinsichtlich ihrer Performance im deutschen Aktienmarkt untersucht. Von den untersuchten Strategien erscheint nur Momentum konsequent abnormale Renditen zu erzielen, dies auch nach Transaktionskosten. Die vierte Arbeit untersucht öffentlich bekannt gegebene Aktientransaktionen von Insidern börsennotierter deutscher Unternehmen. Der Aufsatz zeigt, dass Insider von TecDAX-Unternehmen und ihre Imitatoren hohe und statistisch signifikante abnormale Renditen erzielen. Insgesamt zeigt die Dissertation, dass methodische Variationen, die Verwendung verschiedener Untersuchungsdesigns, die Datenqualität und die Sorgfalt beim Erstellen von empirischen Analysen zur Beurteilung der Robustheit und der Stabilität der Ergebnisse unerlässlich sind. Der deutsche Aktienmarkt scheint effizienter zu sein als bisherigere Studien typischerweise nahelegen. / This doctoral thesis aims to contribute to a better understanding of stock market anomalies and insider trading as well as to improve the availability of high quality data for the German stock market. The first paper provides a sixty-year time series of monthly returns on German stocks that is constructed on the basis of stable rules, is well documented, includes all return components, and is free of biases. The paper also contains a detailed description of the German stock market, its peculiarities, regulation and differences as compared to the U.S. The second paper uses the Fama/French three-factor model as an example to point out the problems that providers and users of non-U.S factor data sets face. The empirical analysis of seven different factor data sets available for Germany shows that exporting a specific factor model from the U.S. to another capital market is neither an easy nor well-defined task. The paper gives suggestions to users and creators of factor sets and shows how the choice of a factor set affects the result of an empirical study. The third paper provides evidence on how various contrarian, momentum and seasonality strategies perform in the German stock market. Among these strategies, only momentum investing appears to earn persistently non-zero returns, even after transaction costs. The fourth paper studies publicly disclosed stock transactions by insiders of listed German firms. The paper finds that insiders of TecDAX firms earn large and statistically significant abnormal returns net of transaction costs; for DAX insiders they are indistinguishable from zero. Overall, this thesis illustrates that methodological variations, the use of different specifications, data quality and care when preparing empirical analyses is essential in the assessment of the robustness and stability of results. In sum, the German stock market appears to be more efficient than previous studies have typically suggested.