---
_id: '65383'
abstract:
- lang: eng
  text: 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.
author:
- first_name: Sönke
  full_name: Sievers, Sönke
  id: '46447'
  last_name: Sievers
- first_name: Reeyarn
  full_name: Li, Reeyarn
  id: '102450'
  last_name: Li
- first_name: Dominik
  full_name: Degen, Dominik
  last_name: Degen
- first_name: Jens
  full_name: Kengelbach, Jens
  last_name: Kengelbach
- first_name: Francesca
  full_name: Pietrogrande, Francesca
  last_name: Pietrogrande
citation:
  ama: 'Sievers S, Li R, Degen D, Kengelbach J, Pietrogrande F. <i>Beer, Cars &#38;
    Fundamentals: Predicting German M&#38; A Activity</i>. Vol Heft 11-12/2025.; 2025:302-308.
    doi:<a href="https://doi.org/CFCF1480783">CFCF1480783</a>'
  apa: 'Sievers, S., Li, R., Degen, D., Kengelbach, J., &#38; Pietrogrande, F. (2025).
    <i>Beer, Cars &#38; Fundamentals: Predicting German M&#38; A activity: Vol. Heft
    11-12/2025</i> (pp. 302–308). <a href="https://doi.org/CFCF1480783">https://doi.org/CFCF1480783</a>'
  bibtex: '@book{Sievers_Li_Degen_Kengelbach_Pietrogrande_2025, series={Corporate
    Finance}, title={Beer, Cars &#38; Fundamentals: Predicting German M&#38; 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} }'
  chicago: 'Sievers, Sönke, Reeyarn Li, Dominik Degen, Jens Kengelbach, and Francesca
    Pietrogrande. <i>Beer, Cars &#38; Fundamentals: Predicting German M&#38; A Activity</i>.
    Vol. Heft 11-12/2025. Corporate Finance, 2025. <a href="https://doi.org/CFCF1480783">https://doi.org/CFCF1480783</a>.'
  ieee: 'S. Sievers, R. Li, D. Degen, J. Kengelbach, and F. Pietrogrande, <i>Beer,
    Cars &#38; Fundamentals: Predicting German M&#38; A activity</i>, vol. Heft 11-12/2025.
    2025, pp. 302–308.'
  mla: 'Sievers, Sönke, et al. <i>Beer, Cars &#38; Fundamentals: Predicting German
    M&#38; A Activity</i>. 2025, pp. 302–08, doi:<a href="https://doi.org/CFCF1480783">CFCF1480783</a>.'
  short: 'S. Sievers, R. Li, D. Degen, J. Kengelbach, F. Pietrogrande, Beer, Cars
    &#38; Fundamentals: Predicting German M&#38; A Activity, 2025.'
date_created: 2026-04-09T07:42:13Z
date_updated: 2026-04-09T07:42:58Z
department:
- _id: '275'
doi: CFCF1480783
language:
- iso: eng
page: 302-308
publication_identifier:
  issn:
  - 1437-8981
publication_status: published
series_title: Corporate Finance
status: public
title: 'Beer, Cars & Fundamentals: Predicting German M& A activity'
type: working_paper
user_id: '115848'
volume: Heft 11-12/2025
year: '2025'
...