Lexicalized theories of syntax often assume that verb-structure regularities are mediated by lemmas, which abstract over variation in verb tense and aspect. German syntax seems to challenge this assumption, because verb position depends on tense and aspect. To examine how German speakers link these elements, a structural priming study was performed which varied syntactic structure, verb position (encoded by tense and aspect), and verb overlap. Abstract structural priming was found, both within and across verb position, but priming was larger when the verb position was the same between prime and target. Priming was boosted by verb overlap, but there was no interaction with verb position. The results can be explained by a lemma model where tense and aspect are linked to structural choices in German. Since the architecture of this lemma model is not consistent with results from English, a connectionist model was developed which could explain the cross-linguistic variation in the production system. Together, these findings support the view that language learning plays an important role in determining the nature of structural priming in different languages.

A lot of work was done on feedback trading. There, it is shown that for so-called simultaneously long short strategies, gains are positive for continuously differentiable prices and expected ones are positive for geometric Brownian motion prices. But, both models are jump-less. This work shows that if the price is governed by Merton's jump diffusion model the expected gain is still positive and depends neither on intensity nor on kind or size of the jumps.

Simultaneously long short (SLS) feedback trading strategies are known to yield positive expected gain by zero initial investment for price processes governed by, e.g., geometric Brownian motion or Merton's jump diffusion model. In this paper, we generalize these results to positive prices with stochastically independent multiplicative growth and constant trend in discrete and continuous time as well as for sampled-data systems and show that in all cases the SLS strategies' expected gain does not depend on the price model but only on the trend.

Abstract-In the literature a lot of articles about so-called feedback-based trading strategies, i.e., strategies that compute investment exclusively from their own gain exist. Price is therein treated as a disturbance variable in the technical application. With these strategies, astonishing results may be shown. However, the so-called price taker property is always assumed, that means that one's own trading does not affect the price, which is quite unrealistic. In the work at hand, an interactive and thus more realistic market model is introduced which is completely determined by the traders' decisions. In this market model, distinct groups of traders can interact, e.g., feedback traders and noise traders, as they are considered to be relevant in economics in explaining real market prices. Furthermore, this interactive market model is a natural generalization of the geometric Brownian motion. Of course the model has to be bubble-prone to be realistic. The market model will be analyzed as well as the effects of linear feedback strategies and trading restrictions on the price. A way to calculate thresholds for the parameters to cause bubbles is provided. To conclude the work, backtesting on real market data is performed. I. MOTIVATION AND INTRODUCTIONIn recent years, a lot of papers about the use of feedbackbased trading strategies on financial markets, e.g. [4] and [5], were published. Therein, control theoretical ideas, well known in the engeneering sciences, have been adapted to financial market models. Trading strategies, i.e., the amount of bought and sold shares at each point of time, are defined without any assumptions about the market model, like the geometric Brownian motion or other stochastic models, and no enterprise data or business information is considered, thus, pure feedback strategies are applied. These methods are covered by the term "technical analysis". With this, remarkable results may be shown like, for example, the existence of arbitrage opportunities, see [3]. For obtaining these results, among a few technical assumptions also the so-called price taker property is assumed, which means, that one's own trading does not influence the price. This is, of course, a justified supposition if small investors are regarded, but usually these small investors do not use feedback strategies, as this would exceed their capabilities. However, controlbased trading is used by large investors like funds, which violate the price-taker assumption.The work at hand provides a market model which does not only allow prices to be influenced by the traders but also that the price is determined by the traders' buying and selling decisions. The model will be discussed and different trading strategies will be established. All traders influence the price process and possibly, indirectly each other, too.The author is with Faculty of Mathematics, Physics and Computer Science, University of Bayreuth, 95447 Bayreuth, Germany michael.baumann@uni-bayreuth.de An important ingredient of our model are the so-called noise traders...

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