Abstract:
The hamada (leveraged beta) equation, which is calculated as a risk measure, shows the financial structure as a measure that brings together the periodic increase and decrease in the leverage level of the firm, as well as the beta value, which is evaluated as a systematic risk measure and measures sensitivity to the market, and the saving effect of tax on debt cost. It is a useful indicator that simultaneously measures and systematic risk. As a result of the analysis conducted to observe the effects of the Covid 19 pandemic period on BIST30 companies, an increase in the hamada (leveraged beta) equality of 18 companies was observed compared to the previous period, and this increase was 76% with the logistic regression (confusing matrix) analysis for 10 companies, It has been verified with an accuracy rate of 9. When the % change in the Covid19 pandemic period and the previous period hamada (leveraged beta) rates compared to the previous period (2019) is compared, the general average increased by 21.70% in the Covid19 period compared to the previous period (the leverage level increased by 42.92%), except for the banking sector. It was observed that the increase in the sectors was 41.15% (increase in leverage level was 64.27%), while the decrease in the banking sector was realized as -3.70% (increase in leverage level was 7.89%).

Keywords: Hamada Equation, Leveraged Beta, Machine Learning, BIST30

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