The electronic structure of tne closed shell metallocenes bis(7r-cyclopentadienyl)magnesium (1), bisbenzene chromium (2), ferrocene (3) and cyclopentadienyl benzene manganese (4) has been studied in the ground state as well as in the low-lying cationic states. The computational framework is a semiempirical INDO Hamiltonian, the theoretical framework for the investigation of the cationic hole-states is the Green's function method. The calculated ionization energies are compared with the photoelectron (PE) spectra of the four closed shell metallocenes. The interrelation between theoretically determined reorganization energies and the localization properties of the orbital wave functions or the nature of the transition metal center is analyzed. General rules concerning the validity of Koopman's theorem in transition metal complexes are formulated.