Beer, Cars & Fundamentals: Predicting German M& A activity

working Paper Beer, Cars & Fundamentals: Predicting German M& A activity published Sönke Sievers author 46447 Reeyarn Li author 102450 Dominik Degen author Jens Kengelbach author Francesca Pietrogrande author 275 department This paper introduces a predictive model for German mergers and acquisitions (M& A) activity leveraging deep feedforward neural networks (DFNN) incorporating well-established traditional variables (also known as features), along with a ChatGPT-based M& A sentiment score (MASS) and unconventional predictors such as beer sales and weather data. We demonstrate that the inclusion of sentiment and non-traditional variables enhances predictive performance. Our findings provide an important empirical foundation for understanding near-term fluctuations in German M& A activity and offer a forecasting tool relevant to both practitioners and researchers. 2025 eng 1437-8981CFCF1480783 Heft 11-12/2025302-308 S. Sievers, R. Li, D. Degen, J. Kengelbach, and F. Pietrogrande, Beer, Cars & Fundamentals: Predicting German M& A activity, vol. Heft 11-12/2025. 2025, pp. 302–308. Sievers, Sönke, Reeyarn Li, Dominik Degen, Jens Kengelbach, and Francesca Pietrogrande. Beer, Cars & Fundamentals: Predicting German M& A Activity. Vol. Heft 11-12/2025. Corporate Finance, 2025. <a href="https://doi.org/CFCF1480783">https://doi.org/CFCF1480783</a>. Sievers, S., Li, R., Degen, D., Kengelbach, J., & Pietrogrande, F. (2025). Beer, Cars & Fundamentals: Predicting German M& A activity: Vol. Heft 11-12/2025 (pp. 302–308). <a href="https://doi.org/CFCF1480783">https://doi.org/CFCF1480783</a> Sievers S, Li R, Degen D, Kengelbach J, Pietrogrande F. Beer, Cars & Fundamentals: Predicting German M& A Activity. Vol Heft 11-12/2025.; 2025:302-308. doi:<a href="https://doi.org/CFCF1480783">CFCF1480783</a> @book{Sievers_Li_Degen_Kengelbach_Pietrogrande_2025, series={Corporate Finance}, title={Beer, Cars & Fundamentals: Predicting German M& A activity}, volume={Heft 11-12/2025}, DOI={<a href="https://doi.org/CFCF1480783">CFCF1480783</a>}, author={Sievers, Sönke and Li, Reeyarn and Degen, Dominik and Kengelbach, Jens and Pietrogrande, Francesca}, year={2025}, pages={302–308}, collection={Corporate Finance} } Sievers, Sönke, et al. Beer, Cars & Fundamentals: Predicting German M& A Activity. 2025, pp. 302–08, doi:<a href="https://doi.org/CFCF1480783">CFCF1480783</a>. S. Sievers, R. Li, D. Degen, J. Kengelbach, F. Pietrogrande, Beer, Cars & Fundamentals: Predicting German M& A Activity, 2025. 653832026-04-09T07:42:13Z2026-04-09T07:42:58Z