The valence-electronic structure of the first three members of the acene series, benzene, naphthalene and anthracene, seems to be confirmed now by their photoelectron (PE) spectra. This especially holds for the r-ionizations which, according to their specific behaviour, can be assigned to different ionization modes. The vibrational fine structure of the observed systems is discussed. The effects of a series of substituents on the electronic structure of the parent molecules were traced in their PE spectra and intercompared. The results for methyl, chloro, methoxy and cyano substitution are described in detail.The effect is most pronounced for the two lowest energy -ionizations (i.e. HOMO and SHOMO in the Koopmans' picture) and can be described by the shift of the mean energy ("center of gravity") of HOMO and SHOMO, and the additional splitting compared to the unsubstituted molecule. Both parameters show good linear dependence for the three series of compounds, thus allowing to formulate general substituent parameters. A linear dependence of the lowest ionization energy with Hammett constants is found to exist as well.