Prof. Dr. Ryan Riordan
Prof. Dr. Ryan Riordan
University of Ontario Institute of Technology (UOIT)
Englerstraße 14
Karlsruhe


+49 (721) 608 - 4 83 85
+49 (721) 608 - 4 83 99
Show email address  
 

Consultation hours

Mo-Fr: By Appointment

Activities

Research Interests:
  • Empirical Asset Pricing
  • Market Microstructure
  • Financial Innovation
Teaching:
  • WS 09/10 - eFinance (Lecturer)
  • WS 08/09 - eFinance (Lecturer)
  • SS 08 - Seminar in Financial Information Processing
  • WS 07/08 - eFinance (Teaching Assistant)

Curriculum Vitae

Currently employed as a Professor and head the Finance and Economic Forecasting team. Ryan Riordan recently passed his doctoral exam with distinction on the topic of: 'The Economics of Algorithmic Trading'. Previously Ryan worked as a derivatives trader with HSBC Trinkaus und Burkhardt in Dusseldorf, Germany, and as an IT-consultant. His undergraduate and MBA were completed at the Sprott School of Business in Ottawa, Canada, where we was also employed to manage the educational trading room.
Publications

Refereed Journal Articles

1
Riordan, R.; Storkenmaier, A.; Wagener, M.; Zhang, S. 2013
Public Information Arrival: Price Discovery and Liquidity in Electronic Limit Order Markets. Journal of Banking and Finance 37(4). 1148–1159.
doi:10.1016/j.jbankfin.2012.11.008
http://www.sciencedirect.com/science/article/pii/S037842661200355X
@Article{CitationKey,
author = {Riordan, Ryan and Storkenmaier, Andreas and Wagener, Martin and Zhang,
Sarah},
title = {{Public Information Arrival: Price Discovery and Liquidity in Electronic
Limit Order Markets}},
journal = {Journal of Banking and Finance},
year = {2013},
volume = {37},
pages = {1148–1159},
number = {4},
month = {April},
doi = {http://dx.doi.org/10.1016/j.jbankfin.2012.11.008},
url = {http://www.sciencedirect.com/science/article/pii/S037842661200355X}}

					
 
2
Riordan, R.; Storkenmaier, A. 2012
Latency, Liquidity and Price Discovery. Journal of Financial Markets 15(4). 416–437.
doi:10.1016/j.finmar.2012.05.003
@Article{CitationKey,
author = {Riordan, Ryan and Storkenmaier, Andreas},
title = {{Latency, Liquidity and Price Discovery}},
journal = {Journal of Financial Markets},
year = {2012},
volume = {15},
pages = {416–437},
number = {4},
month = {November},
doi = {http://dx.doi.org/10.1016/j.finmar.2012.05.003}}

					
 
3
Wagener, M.; Kundisch, D.; Riordan, R.; Rabhi, F.; Herrmann, P.; Weinhardt, C. 2010
Price Efficiency in Futures and Spot Trading: The Role of Information Technology. Electronic Commerce Research and Applications 9(5). 400–409.
doi:10.1016/j.elerap.2010.04.002
@Article{CitationKey,
author = {Wagener, Martin and Kundisch, Dennis and Riordan, Ryan and Rabhi,
Fethi and Herrmann, Philipp and Weinhardt, Christof},
title = {{Price Efficiency in Futures and Spot Trading: The Role of Information
Technology}},
journal = {Electronic Commerce Research and Applications},
year = {2010},
volume = {9},
pages = {400-409},
number = {5},
doi = {http://dx.doi.org/10.1016/j.elerap.2010.04.002},
abstract = {During the last years information technology has had a profound
impact on financial markets. The speed of trading and the amount of available
information has increased substantially. Nearly all exchanges have upgraded
their trading systems to meet the demand of investors and enhance their
competitive position. However, the impact on liquidity and price efficiency
remains unclear. In this paper we present an event study to examine the effects
of an infrastructure change at the Deutsche B\"{o}rse in Germany. On April 23,
2007, Deutsche B\"{o}rse released an upgraded version of their electronic trading
system Xetra. We study the impact that this upgrade had on the efficiency of
prices, measured as the pricing gaps between the observed futures prices and
their theoretical values based on the underlying cash market. Our results suggest
that the system upgrade reduced the pricing gap and thus improved price
efficiency.}}

					

Working Papers

1
Höchstötter, M.; Meyer, S.; Riordan, R.; Storkenmaier, A. 2013
International Stock Market Comovement and News. Working Paper.
@Unpublished{CitationKey,
author = {H\"{o}chst\"{o}tter, Markus and Meyer, Stephan and Riordan, Ryan and
Storkenmaier, Andreas},
title = {{International Stock Market Comovement and News}},
note = {Working Paper},
year = {2013}}

					
 
2
Riordan, R.; Storkenmaier, A.; Wagener, M. 2010
Public Information Arrival: Price Discovery and Liquidity in Electronic Limit Order Markets. Presented at the Northern Finance Association Meeting 2010, Presented at HEC Montréal.
http://ssrn.com/abstract=1620425
@Unpublished{CitationKey,
author = {Riordan, Ryan and Storkenmaier, Andreas and Wagener, Martin},
title = {{Public Information Arrival: Price Discovery and Liquidity in Electronic
Limit Order Markets}},
note = {Presented at the Northern Finance Association Meeting 2010, Presented
at HEC Montréal},
year = {2010},
url = {http://ssrn.com/abstract=1620425},
abstract = {This paper studies the impact of news wire messages on intraday
price discovery, liquidity, and trading intensity in an electronic limit order
market. News wire messages represent most of the real time information traders
receive. In this paper news are clustered on their ex-ante sentiment (positive,
negative, or neutral). We find higher adverse selection costs around news
messages. Negative messages induce significantly higher adverse selection costs
than positive news messages. Liquidity increases around positive and neutral
news messages whereas liquidity slightly decreases around negative news messages.
As expected, trading intensity increases around all news. Our results suggest
different information gathering and information processing capabilities of market
participants. We attribute the difference in results between good and bad news
to ambiguity aversion and asymmetric reaction to news.}}

					
 
3
Riordan, R.; Storkenmaier, A.; Wagener, M. 2010
Do Multilateral Trading Facilities Contribute to Market Quality?. Previous title: Fragmentation, Competition and Market Quality: A Post-MiFID Analysis; Presented at the 2nd Center for Financial Studies International Conference: The Industrial Organisation of Securities Markets: Competition, Liquidity and Network Externalities, Presented at the 2010 European Financial Management Association Meeting, Presented at the Doctoral Symposium of the 3rd Erasmus Liquidity Conference, Presented at the 17th Annual Meeting of the German Finance Association (DGF), Presented at the Campus for Finance Research Conference, 2011.
http://papers.ssrn.com/abstract_id=1852769
@Unpublished{CitationKey,
author = {Riordan, Ryan and Storkenmaier, Andreas and Wagener, Martin},
title = {{Do Multilateral Trading Facilities Contribute to Market Quality?}},
note = {Previous title: Fragmentation, Competition and Market Quality: A
Post-MiFID Analysis; Presented at the 2nd Center for Financial Studies
International Conference: The Industrial Organisation of Securities Markets:
Competition, Liquidity and Network Externalities, Presented at the 2010 European
Financial Management Association Meeting, Presented at the Doctoral Symposium
of the 3rd Erasmus Liquidity Conference, Presented at the 17th Annual Meeting
of the German Finance Association (DGF), Presented at the Campus for Finance
Research Conference, 2011},
year = {2010},
url = {http://papers.ssrn.com/abstract_id=1852769},
abstract = {The introduction of the Markets in Financial Instruments Directive
(MiFID) ended the quasi-monopoly of traditional exchanges and enabled alternative
platforms, so-called multilateral trading facilities (MTF), to compete for order
flow. European regulation imposes neither a formal linkage nor a consolidated
market record. This raises questions about the contribution to market quality
of MTFs in an increasingly fragmented trading environment. We find that Chi-X,
an MTF, contributes most to the price discovery process. Chi-X is competitive
in liquidity supply and posts the tightest quoted spreads. Our results suggest
that MTFs contribute positively to market quality and that investors benet
from competition.}}

					
 
4
Riordan, R.; Hendershott, T. 2009
Algorithmic Trading and Information. Net Institute Working Paper.
@Unpublished{CitationKey,
author = {Riordan, Ryan and Hendershott, Terrence},
title = {{Algorithmic Trading and Information}},
note = {Net Institute Working Paper},
year = {2009}}

					

Papers in Proceedings and Collections

1
Zhang, S. S.; Riordan, R.; Weinhardt, C. 2013
Interactive Data: Technology and Cost of Capital. in: Mancini, D.; Vaassen, E. H. J.; Dameri, R. P. (eds.), Accounting Information Systems for Decision Making. Vol. 3, Lecture Notes in Information Systems and Organisation. Springer Berlin Heidelberg. 233–247.
doi:10.1007/978-3-642-35761-9_14
@Incollection{CitationKey,
author = {Zhang, S. Sarah and Riordan, Ryan and Weinhardt, Christof},
title = {{Interactive Data: Technology and Cost of Capital}},
booktitle = {Accounting Information Systems for Decision Making},
publisher = {Springer Berlin Heidelberg},
year = {2013},
editor = {Mancini, Daniela and Vaassen, Eddy H. J. and Dameri, Renata Paola},
volume = {3},
series = {Lecture Notes in Information Systems and Organisation},
pages = {233-247},
doi = {10.1007/978-3-642-35761-9_14}}

					
 
2
Zhang, S. S.; Riordan, R.; Weinhardt, C. 2012
Interactive Data: Technology and Cost of Capital. Proceedings of the 20th European Conference on Information Systems. (Barcelona, Spain).
http://aisel.aisnet.org/ecis2012/153/
@Inproceedings{CitationKey,
author = {Zhang, S. Sarah and Riordan, Ryan and Weinhardt, Christof},
title = {{Interactive Data: Technology and Cost of Capital}},
booktitle = {Proceedings of the 20th European Conference on Information Systems},
year = {2012},
address = {Barcelona, Spain},
url = {http://aisel.aisnet.org/ecis2012/153/}}

					
 
3
Teschner, F.; Mazarakis, A.; Riordan, R.; Weinhardt, C. 2011
Participation, Feedback & Incentives in a Competitive Forecasting Community. Proceedings of the International Conference on Information Systems (ICIS). (Shanghai, China). Paper 16. 1–14.
http://aisel.aisnet.org/icis2011/proceedings/onlinecommunity/16
@Inproceedings{CitationKey,
author = {Florian Teschner and Athanasios Mazarakis and Ryan Riordan and Christof
Weinhardt},
title = {{Participation, Feedback & Incentives in a Competitive Forecasting
Community}},
booktitle = {Proceedings of the International Conference on Information Systems
(ICIS)},
year = {2011},
address = {Shanghai, China},
pages = {1-14},
note = {Paper 16},
url = {http://aisel.aisnet.org/icis2011/proceedings/onlinecommunity/16},
abstract = {Macro-economic forecasts are used extensively in industry and
government even though the historical accuracy and reliability is questionable.
Over the last couple of years prediction markets as a community forecasting
method have gained interest. An arising question is how to design incentive
schemes and feedback mechanisms to motivate participants to contribute to such
an information exchange. We design a prediction market for economic derivatives
that aggregates macro-economic information. We show that the level of
participation is mainly driven by a weekly newsletter which acts as a reminder.
In public goods projects participation feedback has been found to increase
participants' contributions. We find that the induced competitiveness of market
environments seem to superpose classical feedback mechanisms. We show that
forecast errors fall over the prediction horizon. The market generated forecasts
compare well to the Bloomberg-survey forecasts, the industry standard.
Additionally we can predict community forecast error by using an implicit market
measure.}}

					
 
4
Storkenmaier, A.; Riordan, R.; Weinhardt, C.; Studer, R. 2010
The Impact of Economic News on Information and Liquidity in Electronic Futures Trading. in: Dreier, T.; Krämer, J.; Studer, R.; Weinhardt, C. (eds.), Information Management and Market Engineering: Vol II. Studies on eOrganisation and Market Engineering. KIT Scientific Publishing. 37–54.
Available at: click here
@Inproceedings{CitationKey,
author = {Storkenmaier, Andreas and Riordan, Ryan and Weinhardt, Christof and
Studer, Rudi},
title = {{The Impact of Economic News on Information and Liquidity in Electronic
Futures Trading}},
booktitle = {Information Management and Market Engineering: Vol II. Studies
on eOrganisation and Market Engineering},
year = {2010},
pages = {37-54},
editor = {Dreier, Thomas and Kr\"{a}mer, Jan and Studer, Rudi and Weinhardt,
Christof},
publisher = {KIT Scientific Publishing},
url =
{http://www.amazon.de/Information-management-market-engineering-Vol/dp/386644589X/ref=sr_1_2?ie=UTF8&qid=1300710241&sr=8-2}}

					
 
5
Zhang, S. S.; Riordan, R. 2011
Technology and Market Quality: The case of High Frequency Trading. Proceedings of the 19th European Conference on Information Systems. (Helsinki, Finland).
http://aisel.aisnet.org/ecis2011/95
@Inproceedings{CitationKey,
author = {Zhang, S. Sarah and Riordan, Ryan},
title = {{Technology and Market Quality: The case of High Frequency Trading}},
booktitle = {Proceedings of the 19th European Conference on Information Systems},
year = {2011},
address = {Helsinki, Finland},
url = {http://aisel.aisnet.org/ecis2011/95}}

					
 
6
Zhang, S.; Weinhardt, C.; Riordan, R. 2010
Market Responses to the Introduction of Interactive Data: The Case of XBRL. in: Dreier, T.; Krämer, J.; Studer, R.; Weinhardt, C. (eds.), Information Management and Market Engineering: Vol II. Studies on eOrganisation and Market Engineering. KIT Scientific Publishing. 55–62.
Available at: click here
@Inproceedings{CitationKey,
author = {Zhang, Sarah and Weinhardt, Christof and Riordan, Ryan},
title = {{Market Responses to the Introduction of Interactive Data: The Case
of XBRL}},
booktitle = {Information Management and Market Engineering: Vol II. Studies
on eOrganisation and Market Engineering},
year = {2010},
pages = {55-62},
editor = {Dreier, Thomas and Kr\"{a}mer, Jand and Studer, Rudi and Weinhardt,
Christof},
publisher = {KIT Scientific Publishing},
url =
{http://www.amazon.de/Information-management-market-engineering-Vol/dp/386644589X/ref=sr_1_2?ie=UTF8&qid=1300710241&sr=8-2}}

					
 
7
Wagener, M.; Kundisch, D.; Riordan, R.; Rabhi, F.; Weinhardt, C. 2010
Mispricing and Exchange Market Systems: The Effect of Infrastructure Upgrades. in: Sprague, R. H. (ed.), Proceedings of the Forty-Third Annual Hawaii International Conference on System Sciences. (Koloa, Kauai, Hawaii). IEEE Computer Society. 259–269.
doi:10.1109/HICSS.2010.275
@Inproceedings{CitationKey,
author = {Wagener, Martin and Kundisch, Dennis and Riordan, Ryan and Rabhi,
Fethi and Weinhardt, Christof},
title = {{Mispricing and Exchange Market Systems: The Effect of Infrastructure
Upgrades}},
booktitle = {Proceedings of the Forty-Third Annual Hawaii International Conference
on System Sciences},
year = {2010},
address = {Koloa, Kauai, Hawaii},
pages = {259-269},
editor = {Ralph H. Sprague},
publisher = {IEEE Computer Society},
doi = {10.1109/HICSS.2010.275},
abstract = {We study the effects of an infrastructure change at the Deutsche
Boerse in Germany. On April 23rd 2007, Deutsche Boerse released an upgraded
version of their electronic trading system Xetra. We examine the impact that
this upgrade had on the efficiency of prices, measured as the level of mispricing,
in the underlying liquid cash market and derivative futures market. Our analysis
shows that the level of mispricings is economically and statistically
(significant) reduced by the system upgrade.}}

					
 
8
Wagener, M.; Riordan, R. 2009
System Latency in Linked Spot and Futures Markets. in: Nelson, M. L.; Shaw, M. J.; Strader, T. J. (eds.), Value Creation in e-Business Management - 15th Americas Conference on Information Systems. LNBIP 36. Springer. 231–245.
http://aisel.aisnet.org/amcis2009/722
@Inproceedings{CitationKey,
author = {Wagener, Martin and Riordan, Ryan},
title = {{System Latency in Linked Spot and Futures Markets}},
booktitle = {Value Creation in e-Business Management - 15th Americas Conference
on Information Systems},
year = {2009},
pages = {231-245},
editor = {Nelson, Matthew L. and Shaw, Michael J. and Strader, Troy J.},
series = {LNBIP 36},
publisher = {Springer},
url = {http://aisel.aisnet.org/amcis2009/722},
abstract = {We examine the lead-lag effect between DAX index and DAX index futures
under asymmetric latency in the exchange infrastructure. Using 1-min high
frequency observations in 2006-2007, it is found that the market integration
between stock index and stock index futures has significantly grown compared
to prior research. While the degree of price discovery in the futures market
decreased both markets react mostly contemporaneously towards new information.
An event story of latency reduction on Xetra reveals that exchange latency is
one important factor explaining this development. We find evidence that smaller
asymmetric round-trip-times between Xetra and Eurex lead to a higher degree
of market integration.}}

					
 
9
Burghardt, M.; Riordan, R. 2009
Know the Flow: Sentiment Extraction from Retail Order Flow Data. D. Kundisch et al. (eds.): FinanceCom 2008, LNBIP 23, pp. 11-30, Springer Verlag. Springer. 31–46.
@Inproceedings{CitationKey,
author = {Burghardt, Matthias and Riordan, Ryan},
title = {{Know the Flow: Sentiment Extraction from Retail Order Flow Data}},
booktitle = {D. Kundisch et al. (eds.): FinanceCom 2008, LNBIP 23, pp. 11-30,
Springer Verlag},
year = {2009},
pages = {31-46},
publisher = {Springer}}

					
 
10
Riordan, R.; Weinhardt, C.; Müller, M. 2008
Financial News and Data Service. The 18th Workshop on Information Technologies and Systems (WITS).
@Inproceedings{CitationKey,
author = {Riordan, Ryan and Weinhardt, Christof and M\"{u}ller, Marius},
title = {{Financial News and Data Service}},
booktitle = {The 18th Workshop on Information Technologies and Systems (WITS)},
year = {2008}}

					
 
11
Storkenmaier, A.; Riordan, R. 2009
The Effect of Automated Trading on Market Quality: Evidence from the New York Stock Exchange. in: Kundisch, D.; Veit, D. J.; Weitzel, T.; Weinhardt, C. (eds.), FinanceCom 2008, LNBIP 23. Springer Verlag. 11–30.
http://www.springerlink.com/content/q470h64156j21082/
@Inproceedings{CitationKey,
author = {Storkenmaier, Andreas and Riordan, Ryan},
title = {{The Effect of Automated Trading on Market Quality: Evidence from the
New York Stock Exchange}},
booktitle = {FinanceCom 2008, LNBIP 23},
year = {2009},
pages = {11-30},
editor = {Dennis Kundisch and Daniel J. Veit and Tim Weitzel and Christof
Weinhardt},
publisher = {Springer Verlag},
url = {http://www.springerlink.com/content/q470h64156j21082/},
abstract = {From the end of 2006 until the beginning of 2007 the NYSE

introduced the NYSE Hybrid Market on a rolling basis. The NYSE Hybrid Market
significantly changed the NYSE’s market model and supports automated execution
for almost unlimited order sizes and different order types. The introduction
of the Hybrid Market was driven by fundamental changes in the securities trading
industry over the last years. This paper analyzes the effect of the NYSE Hybrid
Market on market quality through analyzing different spread measures and price
impact. Results show that the introduction of the Hybrid Market reduced trading
costs and improved execution quality at the NYSE.}}

					
 
12
Riordan, R.; Blau, B.; Weinhardt, C.; Neumann, D. 2008
Collaborative Continuous Service Engineering - A Case Study in a Financial Service Environment. Proceedings of the 41st Hawaii International Conference on System Sciences (HICSS). (Waikoloa, Big Island, Hawaii).
@Inproceedings{CitationKey,
author = {Riordan, Ryan and Blau, Benjamin and Weinhardt, Christof and Neumann,
Dirk},
title = {{Collaborative Continuous Service Engineering - A Case Study in a
Financial Service Environment}},
booktitle = {Proceedings of the 41st Hawaii International Conference on System
Sciences (HICSS)},
year = {2008},
month = {January},
address = {Waikoloa, Big Island, Hawaii},
abstract = {We present a methodology to engineer services in real-time information
environments. We evaluate, combine and enrich traditional techniques and
methodologies such as New Product Development and Adaptive Software Development
in order to support the development and continuous improvement of information
services.  Our methodology is based upon the financial service environment.
It is specific enough to be applicable in the field of finance and general enough
to be applied broadly in information services development.}}

					
 
13
Riordan, R. 2007
Information Flow in Financial Markets. Proceedings of the Sixth Workshop on E-business (WeB 2007).
@Inproceedings{CitationKey,
author = {Riordan, Ryan},
title = {{Information Flow in Financial Markets}},
booktitle = {Proceedings of the Sixth Workshop on E-business (WeB 2007)},
year = {2007}}

					

Other Contributions to Conferences (Selection)

1
Burghardt, M.; Riordan, R. 2008
A Measure of Investor Confidence: Evidence from the European Warrant Exchange. Campus For Finance Research Conference.
@Conference{CitationKey,
author = {Burghardt, Matthias and Riordan, Ryan},
title = {{A Measure of Investor Confidence: Evidence from the European Warrant
Exchange}},
booktitle = {Campus For Finance Research Conference},
year = {2008}}

					
 
2
Burghardt, M.; Riordan, R. 2007
Investment Decisions and Investor Behaviour. Annual Conference of the Northern Finance Association (NFA). (Toronto, Canada).
@Conference{CitationKey,
author = {Burghardt, Matthias and Riordan, Ryan},
title = {{Investment Decisions and Investor Behaviour}},
booktitle = {Annual Conference of the Northern Finance Association (NFA)},
year = {2007},
address = {Toronto, Canada},
abstract = {Using the data from 4.4 million transactions in bank-issued warrants
from the European Warrant Exchange, we compute an index of investor confidence
and expectations. We show that retail investors are contrarian, that retail
investor sentiment is an important part of the equity pricing process and that
we have a good measure of the sentiment. Moreover, our measure is better than
existing measures for our time period between January 2006 and March 2007. As
a whole our measure of findings further supports a role for retail investor
sentiment in the equity pricing process.}}

					

Other Publications

1
Riordan, R.; Scheuble, F.; Wagener, M.; Weinhardt, C. 2010
Discount-Zertifikate an der Börse Stuttgart: Marktqualität und Preissetzung. Zeitschrift für das allgemeine Kreditwesen 63(11). 38–42.
Available at: click here
@Article{CitationKey,
author = {Riordan, Ryan and Scheuble, Frank and Wagener, Martin and Weinhardt,
Christof},
title = {{Discount-Zertifikate an der B\"{o}rse Stuttgart: Marktqualit\"{a}t
und Preissetzung}},
journal = {Zeitschrift f\"{u}r das allgemeine Kreditwesen},
year = {2010},
volume = {63},
pages = {38-42},
number = {11},
url =
{http://www.kreditwesen.de/zeitschriften/zeitschrift-fur-das-gesamte-kreditwesen/2010/06/in-diesem-heft-140/pdf/},
abstract = {Eines der bekanntesten und am meisten verbreiteten strukturierten
Finanzprodukte ist das Discount-Zertifikat. Es erm\"{o}glicht dem Anleger in
Zeiten stagnierender oder leicht sinkender beziehungsweise steigender Kurse
positive Renditen zu erwirtschaften. Ebenso sind Discount-Zertifikate aufgrund

eines gro\ssen Sicherheitspuffers in volatilen M\"{a}rkten, das hei\sst bei
stark schwankenden Kursen, sehr beliebt. Die im Folgenden dargestellten Ergebnisse
basieren auf einer ausf\"{u}hrlichen empirischen Studie, die die Bepreisung
von klassischen Discount-Zertifikaten an der B\"{o}rse Stuttgart im Handelssegment
Euwax im Jahre 2007 untersucht.}}

					
 
2
Riordan, R.; Wagener, M. 2009
The Battle for Milliseconds - Attracting Algorithmic Order Flow. Karlsruher Transfer 21(38). 30–34.
Available at: click here
@Article{CitationKey,
author = {Riordan, R. and Wagener, M.},
title = {{The Battle for Milliseconds - Attracting Algorithmic Order Flow}},
journal = {Karlsruher Transfer},
year = {2009},
volume = {21},
pages = {30-34},
number = {38},
url =
{http://www.fuks.org/fileadmin/download/transfer/KT_38_TheBattleforMilliseconds.pdf}}

					
Supervised Theses
KIT – University of the State of Baden-Wuerttemberg and National Research Center of the Helmholtz Association