Kredi temerrüt swapları ve Türkiye'nin CDS priminin tahmin edilmesine yönelik bir uygulama

Credit risk is the probability assigned to the risk that a debtor might fail in paying his debt or bank credit as previously promised. A default occurs when/if a debtor cannot fulfill his basic obligations. Credit risk is classified as the most important risk type that all institutions have to face from time to time. A credit derivative is a financial instrument that can be used to transfer credit risk from one investor, who is exposed to the credit risk, to another investor, who is willing to take that risk. For credit derivatives the payoff depends on the occurrence of the credit event which should be defined very clearly. The default event for a credit default swap (CDS) as defined by ISDA are bankruptcy, failure to pay, obligation default or acceleration, repudiation or moratorium (for sovereign entities) and restructuring. There is a growing body of literature on the pricing of credit default swaps. Duffie (1999) suggests that credit default swaps can be viewed as a swap of a default free floating-rate note (FRN) for a risky floating-rate note. Hull and White (2000) suggest that with a flat risk-free curve and constant interest rates, arbitrage is perfect if the pay-off from a CDS on default is the sum of the principal amount plus accrued interest on a risky par yield bond, times one minus the recovery rate. Skinner and Townend (2002) suggest that under the put-call parity theorem, CDSs can be viewed as put options and that the five variables crucial to option pricing (risk free rate, underlying asset, volatility, maturity and exercise price) can also be used for modeling CDS premium. On the empirical front, as the aim of this study was to end up with a well functioning model that can be used to forecast Turkish CDS spreads, and to test its usability, daily data on Turkish CDS spreads for seven different maturities (1, 2, 3, 4, 5, 7 and 10 years), 3 month LIBOR rate and the yield of the Turkish 2030 Eurobond was collected from Bloomberg for the period of Oct. 2000 - Jan. 2008. Before moving on with the regression model suggested by Skinner and Townend (2002) further analysis were carried out in order to choose the appropriate risk free rate and volatility. Meanwhile, due to the available data and the type of process to be used in evaluating it, revisions were made to the original model, and two variables (maturity and exercise price) were dropped. As a first step towards analysis, all variables were tested by Augmented Dickey Fuller (ADF) unit root test to see if they were stationary or not. The variables were found to have a unit root. In the next step the initial differences were taken and the ADF was conducted once more and the null hypothesis that the variables had a unit root was rejected. The variables were said to be integrated in the first order, I(1). As a second step towards analysis, seven equations for seven different maturities were estimated using the OLS method. The overall regression performs quite well and the corrected R2 values are quite high. Error terms of the model were found to be stationary showing that there is a long term relationship between CDS spreads and the three independent variables (risk free rate, the yield of the underlying asset and volatility). As a third step towards analysis, error terms were tested to see whether some form of autocorrelation existed. Among them it was found that there indeed was autocorrelation. This information was added to the modeling procedure by using the seemingly unrelated regression (SUR) method. As a fourth step, the Wald test was conducted to check whether or not the parameters of the three variables in the model for the seven CDS equations were statistically the same. The null hypothesis that the parameters were indeed equal was rejected and it was concluded that instead of one single equation, seven different equations were to be used. As a final step of the analysis, the forecasting strength of the model was tested using the out of sample method for the year 2007. It was discovered that the model was working quite well for the first half of 2007 until the sub prime mortgage crisis peaked in July. Till then the model had begun to underestimate the actual realizations, although the 5 and 10 year CDS models estimated better than the others through out the time period concerned. In our opinion, this was due to the global shift in financial market sentiment towards the view that the sub prime mortgage crisis was transforming into a global credit crisis, which coincided with second forecasting period. In summary the estimated CDS spread model works well as an initial model. Keywords: Credit derivatives, credit default swap, swap premium, put-call parity, unit root.  Kredi temerrüt swapı (Credit Default Swap – CDS) en yalın tanımıyla kredi riskini etkin bir biçimde yönetme amacıyla satın alınan bir çeşit finansal sigorta sözleşmesidir. Kredi temerrüt swap spreadi (primi) de bu sigorta sözleşmesinin prim tutarı olarak düşünülebilir. Bu çalışmanın amacı “Kredi Temerrüt Swap” sözleşmelerini derinlemesine inceleyerek Türkiye’nin kredi temerrüt swap primini tahmin edecek bir model geliştirmeye çalışmaktır. Kredi temerrüt swapları genel hatları itibariyle satım opsiyonlarına büyük benzerlik gösteren finansal enstrümanlardır. Bu yapısal benzerlikten hareketle bir satım opsiyonunun fiyatının belirlenmesinde etkili olan beş temel değişkenin aynı zamanda kredi temerrüt swap priminin belirlenmesinde de etkili olabileceği fikrinden yola çıkılmıştır. Opsiyon fiyatlama modelinde yer alan put-call paritesi teoreminden yola çıkılarak öncelikle satım opsiyonları ile kredi temerrüt swapları arasındaki ortak nokta tanımlanmıştır. Ardından Türkiye’nin yurtdışında işlem gören 1,2,3,4,5,7 ve 10 yıl vadeli CDS sözleşmelerinin prim tutarlarından oluşan ve 19/10/2000 - 17/01/2008 tarihlerini kapsayan yaklaşık 6 yıllık bir veri seti ile çalışılmış ve opsiyon fiyatlamasında etkili olan beş temel değişkenden risksiz faiz oranı, referans varlığın getirisi ve referans varlığın getirisinin volatilitesi ile CDS primleri arasında uzun dönemli bir ilişkinin mevcut olduğu sonucuna ulaşılmıştır. Ek olarak, örneklem içinden son bir yıl ve son dört aya ait veriler oluşturulan modelin dışında bırakılarak, ilgili zaman dilimleri için kestirimler yapılmıştır. Kestirimlerin sonuçları  gerçekleşmelerle kıyaslanarak modelin kestirim gücü sınanmıştır. Anahtar Kelimeler: Kredi türev ürünler, kredi temerrüt swapı, swap primi, put-call paritesi, birim kök.&nbsp

Urbanization and architectural developments in North Cyprus during British colonial and postcolonial periods

Sömürgecilik (kolonyalizm), bir ülkenin veya bölgenin siyasi kontrolünün başka bir devlete bağlı olması durumudur. Avrupa ülkelerinin farklı kıtalardaki topraklar üzerinde hakimiyet kurma girişimleri olarak tanımlanabilir. Sömürgecilik Batı çıkarları için dünyanın zorbaca sömürülmesi olarak da görülebilir. Ancak giderek kaba zorbalık yerini daha incelikli ve insani değerler kılıfı ile açıklanan bir yönetim biçimine bırakmıştır. Bu çalışmada bir taraftan 1878-1960 yılları arasında Kıbrıs’ta yaşanmış olan İngiliz sömürge dönemi ve diğer taraftan 1974-2008 yılları arasında adanın kuzeyinde yaşanan sömürge sonrası dönem, kent ve mimarlık alanlarında etkili olan yasal düzenleme ve uygulamalar açısından incelenmiş, sorunlar ve sebepleri saptanmaya çalışılmıştır. Sömürge ve sömürge sonrası süreçler karşılaştırılarak süreklilik, değişim, dönüşüm ve kopmalar vurgulanmıştır. Adada 19. yüzyıl sonlarında yoğun olarak deneyimlenmeye başlanan ve sömürge dönemiyle çakışan modernleşme süreci de doğal olarak konu kapsamı içindedir. Sömürge sonrası dönem olarak ele alınan Kuzey Kıbrıs Türk Cumhuriyeti’nde kent planlama ve mimarlık uygulamalarını şekillendiren yasal düzenlemelere ilişkin yetersizlik ve yanlışlıklar, doğal çevreye ve adanın mimari mirası olan tarihi kent dokularına zarar verilmesine sebep olmaktadır. Yaşanmakta olan siyasal belirsizlikler nedeni ile uzun vadeli planlama yapılamaması, “ülkesel fiziki plan” bulunmaması, sömürge sonrası devletin yeniden yapılanma ve finans sorunları, yerel ve merkezi yönetimler arasındaki koordinasyon problemleri, sömürge döneminden beri kullanılan birçok yasanın gerekli düzeyde revize edilmemesinden kaynaklanan yasal boşluklar günümüz kent ve mimarlığını olumsuz bir şekilde etkileyen başlıca nedenleri oluşturmaktadır. Anahtar Kelimeler: Sömürge-sonrası araştırmaları, İngiliz Sömürgeciliği, kent planlama ve mimarlık, Kuzey Kıbrıs’ta kent planlama ve mimarlık.Because of its location in the Mediterranean Sea, Cyprus has seen many colonial rules through history. The British rule is the last colonial period which has left many traces on the island. In the 19th century, India was the biggest colony of the British Empire. Opening the Suez Canal, the disintegration of the Ottoman Empire brought renewed strategic importance to the Eastern Mediterranean and Cyprus. In 1878 the Ottoman Empire relinquishes the administration of Cyprus to the British Empire. Britain annexed the island in 1925 and until 1960 the island remained as a British Crown Colony. Since beginning of the colonial period many improvements in transportation and communication networks; administration, education, and health systems; agricultural techniques; urban and rural planning have been achieved. In earlier years of the British rule, instead of regulations that form architecture and urban planning of whole island, few legal arrangements for local needs has realized -like "Famagusta Development Plan". The first comprehensive attempt to control the development of the cities and architecture is dating back to 1927 with the "Construction of Buildings, Streets and Wells on Arazi Mirie Laws". This law has revised several times. According to architectural practices intensity, British Period in Cyprus has been divided into three parts (Early Period, Intensive Improvement Period and Late Period). Administrative organization, surveys of Cyprus and infrastructure works were the major activities in the "Early Period". It followed by the "Intensive Improvement Period" which dates in between WWI and WWII. The increase of new buildings started in the early 1920's because of the prosperity owed to maritime trade. In addition to architecture, there were several attempts of urban design. WWII led to an unproductive period characterized by poverty. The migration of unemployed rural population to the cities, shortage of imported construction materials, and discontinuation of building activities created housing problems. Until the end of the "Late Period" many problems like housing, ethnic conflicts took place. This was the combination of the Cypriots demand for freedom (1931) like in many other British colonies and unmistakable signs of the fading of the golden era of British Imperialism. Besides these problems there were many interesting improvements in town planning and architecture. So Patrick Abercrombie, who produced and applied the "Greater London Plan 1944", prepared a "Preliminary Planning Report for Cyprus" in 1947. The mass housing projects were designed by considering the requirements of users, conditions of Cyprus and the experiences gained by similar projects realized in the after-war England (and in Europe). The Republic of Cyprus, based on Turkish and Greek representation has been established in 1960 and ended after three years because of the recurred conflicts. This was the first independent rule of native people under the guarantee of Turkey, Greece and Britain. After the military intervention of Turkey, Turkish and Greek people started living separately in two different areas. In this article "postcolonial period" will refer to the northern part of Cyprus which Turks live in since 1974. During the period in between 1963-74 there was no considerable architectural and other progress achieved by the Turkish people who had an introverted life in Cyprus. Nowadays the Greek society's intense relations with Greece and complete membership in the European Union created political, social and economic differences in comparison to the Turkish society. Briefly the postcolonial period developed differently in two areas. According to the mentioned reasons above, the period of 1960-74 and south Cyprus -between 1974-2008- have been kept out of the defined postcolonial period in this study. Since 1974, architectural and urban planning improvements take place in the environment that is result of the colonial process. The existing inherited built environment, administrative and legal formations  from British period and after intense relations with Turkey in many areas, affect postcolonial Cyprus in various ways. Insufficiency and mistakes in legal arrangements that form architecture and urban planning result in damages on architectural heritage of valuable historical city textures and natural environment of the island. Specially the outburst lived in the construction sector in recent years, due to the last solution plan of the United Nations (Annan Plan, 2001-04), created disordered living areas, damages on coasts, forests, nature and environment. The main reasons that affect the nowadays architecture and urban developments negatively have been defined as: lack of long term planning in existing unclear political conditions, absence of "territorial physical plan", administrative re-organization and finance problems, lack of coordination between local and central administrations, unclear conditions created by the laws that have been using since colonial period without real revisions. Keywords: Colonialism-postcolonialism, British Colonialism, building and urban planning laws, urban design and architecture, North Cyprus.

Riesz basis and eigenvalue problems for self-adjoint operator pencils

Bu çalışmada bir ve iki parametreli kendine eş operatör fonksiyonların bazı sınıfları için Riesz bazı  ve özdeğer problemleri ele alınmıştır. İlk olarak iki parametreli sınırsız dalga tipi operatör polinomların spektral yapısı incelenmiştir. Bu operatör polinomlar aşırı sönümlü olmayan operatör fonksiyonların ana sınıflarından birini oluşturur. Burada bir parametre sabit tutulduğu zaman spektrumun ayrık olması ile ilgili teoremler verilmiştir. Kök bölgelerinin bazı kısımlarında reel özdeğerler için varyasonel formüller belirlenmiştir. Bu, operatör polinomlar sınırlı biçime dönüştürülmeden yapılmıştır. Sözü edilen sınıf için sayısal bölge ve kök bölgelerinin yapısını incelemek amacıyla daha genel kendine eş operatör fonksiyonları da kapsayan bir model oluşturulmuştur. Bu model çerçevesinde kök bölgelerinin bazı kısımlarında köklerin ve özdeğerlerin dağılımı ile ilgili teoremler ispatlanmış ve kök bölgelerinin bazı bağlantılı kısımları belirlenmiştir. Dalga tipi operatör fonksiyonların bir çoğunda sağlanan bazı doğal ek koşullar altında kök bölgelerinin üst üste bindiği gösterilmiştir. Son olarak kendine eş sürekli operatör fonksiyonlar için Riesz bazı problemleri ele alınmıştır. Bazı koşullar altında, yoğun bir alt sınıf için özvektörlerin Riesz bazı oluşturduklarını gösteren bir teorem verilmiştir. Genelde bu konu ile ilgili çalışmalarda faktörizasyon yöntemi kullanılmaktadır. Bu çalışmada is Riesz bazı ile ilgili problemleri çözmek için spektral dağılım fonksiyonlarına dayalı tamamen farklı bir teknik kullanılmıştır. Anahtar Kelimeler: Operatör fonksiyonlar, spektrum, özdeğer, spektral dağılım fonksiyonu, Riesz bazı.In this paper Riesz basis and eigenvalue problems for some classes of one and two parameter operator pencils are  considered. Spectral problems for operator pencils arise naturally from differential equations and boundary value problems, operator matrices, evolution equations, controllable systems and equations depending on one or more parameters. One part of the problems studied here are variational problems for real eigenvalues for nonoverdamped type operator pencils. It is well known that discrete eigenvalues of a self-adjoint operator A on a Hilbert space H which lie below or above the limit spectrum (or essential spectrum) of  A can be  characterized by  variational principles applied to the Rayleigh quotients. These variational principles were generalized to the nonlinear eigenvalue problems of the form by many authors, where the Rayleigh quotient  of a linear problem was replaced by the so-called  Rayleigh functional  p, which is a homogeneous, real-valued, nonlinear functional defined by the equation for. There are two cases in the variational theory of nonlinear spectral problems: A) The Rayleigh functional is defined on the entire space and the conditions a)  b) the equation has exactly one simple zero in for  every are satisfied. In this case the nonlinear eigenvalue problem is called overdamped. B) The Rayleigh functional is defined only on a conic proper subset of and the conditions given above are partially fulfilled. Such spectral problems are called the nonoverdamped ones. All operator functions considered in this paper are assumed to be self-adjoint in a separable Hilbert space.  Notice that recent studies are concentrated on the case B). The operator pencils  of waveguide type (w.g.t.) form one of the main classes of nonoverdamped operator pencils and have very important applications to physical problems. In the first part of the present study, the spectral structure of  two parameter operator pencils  of w.g.t. is studied. Theorems on discreteness  of the spectrum for a fixed parameter are given. Variational principles for real eigenvalues in some part of the root zones are established. Also, the structure of the numerical range and root zones of  a class of operator functions, arising  from one or two parameter operator pencils of w.g.t is studied. We construct a general model of such kind of operator pencils. In the frame of this model theorems on distribution of roots and eigenvalues in some parts of root zones are proved. Some connected parts of the root zones are determined. It is proved that root zones, under some natural conditions which are satisfied for most of w.g.t. multi-parameter spectral problems, overlap. Another problem studied in this paper is the Riesz basis problem for a class of self-adjoint operator functions. It is known that if  L is analytic in a symmetric neighborhood of an interval and the conditions i),  ii) has only one root  in,  iii) where denotes the limit spectrum of L are satisfied then the eigenvectors, corresponding to eigenvalues in form a Riesz basis. But it is not clear still do we need a smoothness condition on to obtain the same result. We prove it for a subclass of continuous operator functions and the last part is devoted to these problems. Keywords: Operator pencils, spectrum, eigenvalue, spectral distribution function, Riesz basis

Conservation proposals for the 19 th century churches in Kayseri

The history of Christian population in Kayseri, dates back to the times when Christianity was still a secret religion. Armenians and Greeks continued their existence under the protection of the Ottoman Empire. Their influence and role (who were mostly occupied with trade and crafts), on the urban culture and the formation of urban fabric was remarkably high. Although Ottoman state offered freedom to the non-muslims in their beliefs, traditions and identities, heir daily life is controlled by certain rules. Their architectural activity was restricted; such that construction of new churches was not allowed, restorations were only possible by permission from the sultan, and domes and bell towers were prohibited. Westernisation movement and pressures of Europe and Russia resulted in the declarations of Tanzimat and Islahat, offering great changes in the lives of non-muslims. These developments gave non-muslims the statute of minority. This statute enabled them to express their economic and cultural accumulation, best probably by means of church building. Another development was the desolation of the Ottoman state system for a long time, which gives rise to the activities of missionaries. Thus, in addition to the Gregorian and Orthodox churches, Protestants and Catholics also started to have their churches. About the 130 churches at the end of 19th century can be considered as the reflections of these changes in Kayseri. However, the events which enabled the construction of the churches led to a chaos in time and ended up in deportation of Armenians, and the population exchange between Greeks in Anatolia and Muslims in Greece, which meant abandonment of churches. Some of them were demolished by vandalism, pillage or urbanisation. The surviving churches were gone under private ownership, and used in different functions harming their architectural identity, without regarding their documentary, artistic, historical and cultural heritage value. Another danger these churches face is dilapidation. All of the churches which still stand today exhibit damages due to above mentioned factors. These churches with the European and Istanbul influences they exhibit are the noticeable examples o westernisation in Kayseri, reflecting the socio-economic structure and the architectural character of their period. In addition to their documentary value, they also make great artistic contributions to the urban fabric. These values necessitate preserving these buildings which structured the thesis. The phases of the study can be summarised as; the survey of the churches in and around Kayseri, depiction of their physical characteristics and the analysis of the social and physical structure of the settlements they were in, defining their existing conditions, assessment and discussion of conservation problems and methods. The survey and the literary sources revealed that 39 churches are still standing and 56 are demolished. Existing churches were grouped into four categories according to their state of preservation; a) well preserved, b) badly preserved, c) preserved with major changes and d) partially existing. Badly preserved churches form the core of the thesis. Churches under this category were measured and drawn to 1/200 scale, examined in detail regarding their location, history, plan schema, construction techniques, decoration, and their damage levels. Churches in other categories were studied by presenting the existing drawings and photographs, in order to define their position in the church architecture of the Kayseri region. Beginning with the discussion of conservation problems the proposals are developed considering the headings like; legal and institutional dimensions, economic resources and the present facts of the persons who are concerned. The restoration and re-use proposals for each building are developed considering the least intervention in order to preserve the original architectural characteristics. The conditions and needs of the settlements are the other important factors. Yet, the current social structure of the environment is not suitable to reuse the churches. The proposals exceed the scale of the each settlement because other dimensions like the relationship between the settlements and the city centre and architectural, social and natural characteristics are also considered. Grouping these settlements with these considerations defines some excursion routes that would be effective in improving the cultural life of Kayseri. While the churches in these routes are planned to be kept alive by cultural functions, proposals are developed according to the particular needs of the settlements for the other churches departed from the excursion routes. Keywords: 19th century, church, Kayseri, conservation, new function, Tanzimat. Osmanlı İmparatorluğu’na bağlı gayrimüslimler için 19. yüzyıl, önemli değişimlerin yaşandığı bir dönemdir. Batılılaşma hareketleri ve diğer gelişmelerin devamında yayınlanan Tanzimat Fermanı ile tanınan haklar, bu yüzyılda ticari etkinliklerini artırarak ekonomik düzeylerini yükselten gayrimüslimlere çok sayıda yeni kilise yapabilecekleri bir ortam hazırlamıştır. Önemli oranda Ermeni ve Rum nüfusu barındıran Kayseri de bu gelişmelerden etkilenmiştir. Yapı ustaları ve mimarları ile tanınan kent bu dönemde, ayrıntılarda Batı etkilerinin izlenebildiği kiliselerle donatılmıştır. Mübadele ve tehcirle terk edilen, vandalizm, kötü kullanım ya da bakımsızlık gibi nedenlerle hasar gören bu kiliseler, dönemlerinin sosyal ve mimari yapısını yansıtan birer belgedir. Kent dokusuna yaptıkları estetik katkı ise korunmalarını gerekli kılan bir diğer nedendir. Çalışmanın, bu etkenlerle yönlenen amacı; daha önce envanteri yapılmamış söz konusu kiliselerin tespiti, fotoğraf ve rölövelerle belgelenmesi, bugünkü durum ve korunma problemlerinin belirlenmesi ve koruma önerileri geliştirilmesidir. Kiliseleri, bulundukları yerleşimlerle birlikte değerlendirmeyi amaçlayan öneriler; yasal ve örgütsel boyutları, kaynak sağlanması, girişimcilerin birikim ve deneyimleri vb. açılardan da ele alınmış, onarım ve yeniden işlevlendirme önerileri geliştirilirken ise yapıların özgün mimari karakterlerinin bozulmamasına özen gösterilmiştir. Yerleşimlerin birbirleri ve kent merkezi ile ilişkileri, mimari ve doğal dokularının sürekliliği göz önüne alınarak, kentin tanıtımı ve sosyal-kültürel hayatının canlandırılmasını hedefleyen rotalar belirlenmiştir. Bu rotalarda yer alan kiliselerin kültür, eğitim, toplantı vb. işlevlerle kullanılmaları önerilmiştir. Anahtar Kelimeler: 19.yüzyıl, kilise, Kayseri, koruma, yeni işlev, Tanzimat Fermanı

Müşteri karar sürecine dahil olma düzeyi ve performansa etkisi

Market orientation and business performance have been the subjects of many studies. Building on these previous studies, this paper presents the framework and brief findings of a doctoral dissertation. Many studies approach market and customer orientation by conceptual methods. In those studies the relationship between market orientation and business performance has been studied in a subjective manner, where, the performance is rated by the 'performer'.  This paper describes a study to understand the involvement in customer decision process and its effect on business performance. It has a process based approach. The study attempts to understand the involvement of the seller all along the chain where the customer experience starts by getting aware of the product/service and ends when it ends using or utilizing the product/service. The study analyzes more deeply the extent to which companies in selected industries become acquainted with their customers and aims to assess the relationship of their business performance with their involvement in customer decision and consumption processes. The study approaches customer orientation from a process perspective. In order to approach customer orientation from a process perspective, the decision and the consumption process are analyzed and laid out. As customer interaction in services is much higher than products, sellers in the services sectors have more potential to achieve differentiation advantages through an understanding of buyer's decision process. The analysis in selected service sectors in Turkey aims to provide such an understanding. The study focuses on services firms specifically from corporate and commercial banking, information technology services and market research sectors in Turkey. The objectives of the study are as follows: firstly, it is intended to understand whether the decision process differs from one sector to another. Secondly, it is aimed to understand the activities of the sellers and buyers in each step of the decision process. Next, the performance criteria for each sector are intended to be observed. Finally, it aims to determine the effect of involvement in the buyers' decision process on business performance. The descriptive study based on the decision processes developed for each sector was conducted following the exploratory studies. Subjects of the descriptive study were the key sales and marketing managers of companies in corporate and commercial banking, information technology services and market research sectors. The findings of the first phase of analysis reveal that there exists a difference between the decision processes of selected sectors. As well as the differences found, it should also be noted that some of the phases in the chain were found to be common to all sectors. The involvement - performance relationship was investigated by employing data gathered from both objective and subjective performance measures. The findings of the study prove a significant relationship between subjective performance and involvement. As well, a partial support regarding the relationship between objective performance and involvement is observed. The findings also present that there is a significant difference between companies that have low and high involvement observations. This study adds to marketing literature in several ways. First, it contributes to a contemporary concept of marketing - namely, relationship marketing - by demonstrating a framework to help get better connected to the customer. Second, this study introduces a unique approach to customer orientation. It contributes to the literature with a process based view to customer orientation. By this approach, the study brings customer's buying and post purchase behavior to attention. Third, this study stems from the theories and studies behind customer orientation and organizational buyer behavior and proposes a more complex view to the buying phases and buying models studied in literature and illustrates the decision process in three different sectors. Fourth, the study contributes to both the services marketing and organizational buying literature by providing a comprehensive understanding of customer orientation in services sectors with a business to business sales setting. Fifth, not only does this study stress the importance of acquiring customer knowledge and creating better intimacy with the customer, it also serves as a tool for implementation.  Keywords: Decision process, market orientation, customer orientation, business performance..Günümüzde şirketlerin pazar başarısı bilgiyi nasıl kullandığıyla yakından ilgilidir. Firmaların müşteri yönelimi ve bu yönelimin şirket performansına etkisi pazarlama disiplininde günümüze kadar birçok çalışmanın konusu olmuştur. Birçok çalışma, müşteri yönelimi konusuna kavramsal metodlarla yaklaşmaktadır. Ayrıca, bu çalışmalarda pazar yönelimi ve şirket performansı arasındaki ilişki çoğunlukla öznel olarak incelenmiş ve performans ölçen kişi tarafından kişisel olarak değerlendirilmiştir. Bu çalışma, müşteri yönelimine süreç bazlı bir yaklaşım getirmektedir ve müşteri karar sürecine dahil olmanın şirket performansı üzerindeki etkisini analiz etmek için gerçekleştirilmiştir. Çalışma, müşteri karar verme sürecini ve ürün hizmet deneyimini aşamalar halinde inceleyen süreç odaklı bir yaklaşıma sahiptir. Müşteri deneyiminin müşterinin ürün veya hizmetin farkına varmasıyla başlayan ve aldığı ürün ya da hizmetin ömrünü tamamlamasıyla biten zincir boyunca firmanın katkısını anlamaya çalışır. Çalışmada, firmaların müşteri odaklı olduğu, rakip analizine oranla müşteri analizinin daha çok önemsendiği hizmet sektörlerinden araştırma sektörü, bilişim teknolojileri hizmetleri sektörü ve kurumsal/ticari bankacılık sektörü ele alınmıştır. Çalışma, firmaların performansını, gerek nesnel gerekse de öznel daha geniş bir bakış açısıyla anlamayı amaçlamaktadır. Çalışmada, müşteri karar sürecine dahil olma düzeyinin, öznel performansla belirgin bir ilişkiye sahip olduğu belirlenmiştir.  Dahil olma düzeyinin, öznel performansla ilişkisi için ise, kısmi bir destek elde edilmiştir. Müşteri karar sürecine yüksek ve düşük dahil olma düzeyi olarak ayrılan şirketlerde belirgin farklar gözlemlenmiştir. Bu çalışmayla, şirketlerin müşterileriyle daha yakın ilişki kurmasını sağlayan bir çatı oluşturulmaktadır. Ayrıca, organizasyonel satın alma ve müşterinin satın alma sonrası davranışlarının önemine dikkat çekilmektedir. Çalışma, hizmet şirketlerinin performanslarını iyileştirecek bir araç olarak da uygulanabilir.  Anahtar Kelimeler: Karar süreci, pazar yönelimi, müşteri yönelimi, şirket performansı.&nbsp

Phthalocyanines with biphenyl substituents

Bu çalışma, üç kısımdan oluşmaktadır. Çalışmanın ilk kısmında, 4,5-di(hekziltiyo)ftalonitril (2) ve 4,5-di(feniletinil)ftalonitril (3) başlangıç maddeleri olarak seçilmiştir. 2 no’lu madde, 4,5-dikloroftalonitril (1) ve hekzantiyolün DMF içerisindeki reaksiyonu ile hazırlamıştır. 3 no’lu madde ise, Sonogashira reaksiyon koşullarına göre, 1 bileşiğinin fenilasetilenin aşırısı ile kenetlenme reaksiyonundan sentezlenmiştir. 2 ve 3 no’lu maddelerin uygun metal tuzlarının (Zn(CH3COO)2, NiCl2, CoCl2) varlığındaki kondenzasyonu asimetrik çinko, nikel ve kobalt komplekslerini (4-6) vermiştir. Çalışmanın ikinci kısmında, 4-(4¢-karboksibifeniloksi)ftalonitril (8) bileşiğinden yola çıkılarak, periferal pozisyonlarında asit grupları taşıyan metalsiz (9) ve metalli ftalosiyaninler (Zn ve Co) (10, 11) sentezlenmiştir. Metalsiz ftalosiyanindeki (9) bütün bifenilkarboksilikasit grupları hekzanol ile esterleştirilmiştir (12). 4-(4¢-karboksibifeniloksi) ftalonitril bileşiği (8), 4-nitroftalonitril (7) ve 4¢-hidroksi-4-bifenilkarboksilik asidin reaksiyonundan elde edilmiştir. 8 bileşiğinin, lityum metali ile siklotetramerizasyonu, daha sonra HCl ile asitlendirilmesiyle 9 bileşiği elde edilmiştir. 9 bileşiğinin, Zn(CH3COO)2 veya CoCl2 ile kuru DMF içerisindeki reaksiyonu ile metalli ftalosiyanin türevlerine geçilmiştir (10, 11). Çalışmanın son kısmında ise, 8 no’lu maddenin hekzanol ile disiklohekzilkarbodiimid (DCCI) varlığındaki reaksiyonundan 4-(4¢-karbhekziloksibifeniloksi) ftalonitril (13) bileşiği sentezlenmiş, ardından çinko (14), kobalt (15) ve bakır (16) ftalosiyaninler, 13 bileşiğinin uygun metal tuzları (Zn(CH3COO)2, CoCl2, CuCl2) ile reaksiyonundan hazırlanmıştır. Sentezlenen tüm bu yeni bileşiklerin yapıları FT-IR, 1H NMR, 13C NMR, UV-Vis, elementel analiz ve kütle spektroskopisi ile karakterize edilmiştir. Anahtar Kelimeler: Ftalosiyanin, kobalt, bakır, çinko.Porphyrins (Ps) and phthalocynines (Pcs), the two main classes of the tetrapyrrolic macrocycles, differ basically as the porphyrins are formally derived from the porphine molecule, whereas Pcs are constitutionally tetraaza tetrabenzo analogues of porphyrins since they have a porphyrazine type central core with N atoms bridging the pyrrole rings instead of the CH groups present in the porphyrin sceleton. Ps are either naturally occuring molecular systems or original synthetic products, whereas Pcs derive exclusively from synthetic laboratory work. Pcs are 18 p electron aromatic macrocycles comprising four isoindole units linked together through their 1,3 positions by aza bridges. The particular two dimentional p electron delocalization over these macrocycles gives rise to a great number of unique physical properties, resulting in a diverse number of applications ranging from industrial (catalysts, photoconductors) to biomedical. Thus Pcs are chemically and thermally stable compounds that exhibit exceptional optical and electrical behaviour. This work includes three parts. In the first part of this work, we report on the synthesis and characterisation of unsymmetrical metallo pcs which carry two peripheral hexylthio substituents on each of three of the benzenoid groups while the fourth one carries two phenylethynyl groups. Despite the variety of synthetic routes developed to prepare symmetrically substituted pc, relatively few methods can be applied for preparing unsymmetrical ones. The most simple approach to the preparation of Pc bearing different substituents is a mixed cyclization of two precursors with different substituents. The main problem with this method is the isolation of the desired Pc from a product mixture made up of components with similar physical and chemical properties. The second method is synthesis on a polymeric support developed by Leznoff and Hall, which consists in attaching a diimino isoindoline or phthalonitrile to an insoluble polymer, making it react with a different diimino isoindoline and, after removal of the symmetric Pc, releasing the unsymmetrical pc from the polymer support. A third method has been described by Kobayashi and co-workers and involves the ring expansion of a subphthalocyanine (SubPc) to a Pc using a phthalonitrile unit which bears a different type of substituent to that on the SubPc. The first method was prefered in this work. 4,5-di(hexylthio) phthalonitrile (2) and 4,5-di(phenylethynyl) phthalonitrile (3) were chosen as starting materials. 2 was prepared from 4,5-dichloro phthalonitrile (1) and hexanethiol in dry DMF. K2CO3 was used as the base for this nucleophilic aromatic displacement. 3 was synthesised from compound 1. Under typical Sonogashira reaction conditions, the cross coupling reaction between an excess of phenylacetylene and dichloro phthalonitrile (1) in triethylamine (NEt3) with bis(triphenylphosphine) palladium (II) chloride (Pd(PPh3)2Cl2) and copper (I) iodide (CuI) as catalysts at 90 oC under nitrogen atmosphere produced 3. Mixed condensation of 2 with 3 in the presence of the corresponding metal (II) salts (Zn(CH3COO)2, NiCl2, CoCl2) afforded the unsymmetrical zinc-, nickel- and cobalt- substituted complexes (4-6). In the second part of this work, tetrasubstituted metal free and metallo Pcs (Zn (II) and Co (II)) carrying biphenyl carboxylic acid substituents on the periphery were synthesized. Also, all of the biphenyl carboxylic acid substituents of the metal free phthalocyanine were esterified with hexanol. 4-(4¢-carboxybiphenyloxy) phthalonitrile (8) was prepared from 4-nitro phthalonitrile (7) and 4¢-hydroxy-4-biphenylcarboxylic acid in the presence of K2CO3 in dry DMF. The cyclisation of 8 by using lithium in pentanol, and then acidification with HCl resulted with the formation of metal free pc (9). The reaction of metal free pc (9) with Zn(CH3COO)2 (or CoCl2) in dry DMF gave the desired metallo pcs (10, 11)). To improve the solubility of 9, hexyl substituents were introduced into the biphenyl units (12). The synthesis of compound 12 was accomplished in pyridine in the presence of dicyclohexyl carbodiimide (DCCI) and p-toluenesulfonic acid as catalyst. In the last part of this work, firstly 4-(4¢-carbhexyloxybiphenyoxy) phthalonitrile (13) was synthesized by esterification of 8 with hexanol in the presence of dicyclohexyl carbodiimide (DCCI). Then, zinc (14), cobalt (15) and copper (16) Pcs with four carbhexyloxybiphenyloxy pendant groups on the periphery were prepared from compound 13 and the corresponding metal salts. All these new compounds were characterized by elemental analysis, FT-IR, 1H NMR,13C NMR, UV-Vis and mass spectroscopies. In conclusion, three novel phthalonitrile derivatives and corresponding ten phthalocyanines were synthesized in this study. Keywords: Phthalocyanine, cobalt, copper, zinc.  

Integration of design"build"use processes focusing on Facility Management: A model based on Industry Foundation Classes (IFC)

Bilişim teknolojilerinin gelişimi ile artan iletişim ve işbirliği imkânları, iş süreçlerinin yeniden yapılanması gerekliliğini de beraberinde getirmektedir. Bilişim çözümlerinin bir parçasını oluşturan yazılımlar “birlikte çalışabilirlik” anlamında günümüzde oldukça gelişmiş yeteneklere sahip olmakla birlikte, enformasyon seviyesinde çok belirgin boşluklar mevcuttur. İnşaat sektöründe bilişim teknolojilerinin etkinliğinin artması endüstrileşme ile mümkün olabilir. Endüstrileşme, farklı bir boyutta irdelenebilecek olan inşaat sektöründe kalite problemlerinin giderilmesi için de bir araçtır. Kalitenin tasarımla başladığı gerçeğinden yola çıkıldığında, “tasarım”, “yapım (inşaat)”, “kullanım” süreçlerini bütünleştirecek bir bağlantı, enformasyon seviyesindeki birçok açığın kapanmasına yardımcı olacaktır. Enformasyon sistemleri açısından bakıldığında tasarım süreçleri bir “Bina Enformasyon Modeli”nin tanımlandığı süreç, “Yapım” bu “Bina Enformasyon Modeli”nin kullanıldığı ve karşılığında bir “Yapı Ürün Modeli”nin oluşturulduğu süreç, “Kullanım” ise bu “Yapı Ürün Modeli”nin test edildiği süreç olarak karşımıza çıkmaktadır. Bu çalışmada yapı ürün modelinin kullanım süreçlerinde test edilmesi sonucu ortaya çıkan bilgi ve verilerin, tasarım süreçlerine aktarılarak ilgili bina enformasyon modelinin bilimsel analizini kolaylaştırmak ve her seferinde daha kaliteli ve endüstrileşmiş sistemler tasarlanmasını mümkün kılacak bir bilişim bağlantısı oluşturmak hedeflenmektedir. Bu bağıntı, Bakım Onarım Servislerini bütünleştiren bir iş modeli ve bu iş modeli için seçilecek Müşteri İlişkileri Yönetimi çözümleri yardımı ile güncel birlikte çalışabilirlik standartları çerçevesinde kurgulanmaktadır. Bu çalışmada bahsi edilen enformasyon boşluğu analiz edilmekte ve bu boşluğu köprülemek için kalite odaklı bir bilişim modeli önerilmektedir. Anahtar Kelimeler: Ortak işletilebilirlik, yapım yönetimi, bina işletmesi, ilişki yönetimi, enformasyon modeli, ürün modelleme, süreç modelleme, CRM, FM, IFC.Due to the standardization efforts and the advancement in syntactic and semantic technologies, the interoperability of Information and Communication Technology (ICT)  solutions in the design phase is improving and information is being passed on to the construction phase with less and less friction. Particularly within domains we are seeing some good examples of smooth information flow throughout the process. A good example of this are the ICT solutions developed for design-build phase of Architecture, Engineering, Construction (AEC) and those for the Facility Management (FM) domain. For the AEC design-build phase, Computer Aided Design and Drafting (CADD) and Computer Aided Architectural Design (CAAD) software, project management software, spreadsheets, database applications, Enterprise Resource Planning (ERP) Systems in general all communicate with each other in a convenient manner and there is an increasing support of standards such as Industry Foundation Classes (IFC) and (on another level) Extensible Mark-up Language (XML). Many of the tools and ICT solutions used in FM phase are similar or the same. But on the information level there is a very significant gap between the two phases. This gap is preventing the processes during these two phases to benefit from each other. An opportunity exists to capture important knowledge, if this gap could be bridged. In this paper we analyze this gap and propose a technical solution to bridge It which benefits from Customer Relationship Management tools and solutions. In the AEC/FM industry, the knowledge acquisition is limited. A lot of the knowledge throughout product design-build phase remains tacit and is not explicated. A large proportion of this knowledge emerges from the relationships between a customer (client) and a performer (designer, engineer, and builder). It has been proven in other industries that elaborating on the relationship with the client and focusing on the client satisfaction while establishing an organization alignment such that this becomes a proper focus of the processes dramatically increases the acquisition of knowledge and facilitates converting of implicit knowledge to explicit knowledge. We assume that the IFC will continue to gain the support of software developers and integrators in the design-build phase and provide the core structure of the Building Information Model (BIM). They are very convenient in terms of interoperability and provide a reliable and extensible view for every domain in AEC/FM industry. Setting up ICT solutions over an IFC foundation is believed to ease interoperability. New ideas and concepts can be integrated to extend the current IFC Specification. Customer Relationship Management (CRM) is a business strategy to select and manage the most valuable customer relationships. CRM is about creating systems that allow for a more intelligent and specific relationship between a company and any individual customer. Two cornerstones of CRM are the knowledge or customer information platform and the customer interaction platform. CRM is a knowledge management activity. CRM is intended to be a repeatable process to ensure ongoing, continually improving, and consistent results. Knowledge capture from CRM addresses three major information domains as Functionality, Build Quality, and Impact. CRM comprises the acquisition and deployment of knowledge about customers to enable a company has the right leadership, strategy, and culture in terms of higher total quality. As a basis for improved knowledge capture in AEC industry we propose a gateway between the issue management in CRM systems (collected during FM processes) and the BIM. The second major part of the paper elaborates on the conceptual and technical structure of this gateway. Its prototype implementation (under development) will use the IFC grounded interoperability between those two domains to establish a virtual collaboration platform between designers and customers to provide knowledge acquisition and sharing in order to establish continuous quality improvement for the construction sector within a Total Project System (TOPS). By providing such design solutions which would eliminate the possible change requests during the project, which are cost-effective, and which requiring less time for manufacturing, it may be possible to better match the "as designed" and "as built" solutions. Reduction of cost and time spent for the manufacturing of any product is an essential requirement for a business but, when these become only criteria regarding the success of a business, many risks arise in long term. In that sense the proposed FM Integration model is Quality oriented.  Keywords: Interoperability, CRM, FM, IFC, information model, product model, process model.

The relationship between the form and the synthesis of High-Tech buildings

This study aims to prove the existence of the High-Tech buildings' form-language by using the semiologic and linguistic approaches. The methods of semiology are used, such as grammar rules of form-syntagm; and syntactic & semantic evaluations are made, while generating the designer manual. Grammar rules of form-syntagm are characterized by analysing sample High-Tech buildings. Abstract design principles are exploited during the design process, and while arranging form-syntagms sample buildings' system installations are exploited. Form-syntagms are synthesised by induction to introduce the form-language. The form-language of High Tech approach bases on the design criteria, which are classified into four categories. These categories are: structural design, digital production technologies, advanced construction technologies, and energy-efficient intelligent building design. The form-syntagms in these categories are abstract syntagms: using geometrical auxiliary design tools; and concrete syntagms: using "hard (production) and soft (digital) technologies", vocabulary elements and systematic grammar rules. A designer manual is derived from syntactic and semantic evaluations of samples. The findings from four categories are tested on the manual. Depletion of resources indicates that High-Tech buildings should be energy-efficent intelligent. For authentic design of High-Tech buildings, function, structure, skin, form, material technologies, physical performance, sub-systems, and GIS should be integrated. Arranging form-syntagms leads to the presentation of new syntagms, therefore the possibility of being referable of this work to designers is aimed. The 19th century's industrial production with steel, glass and concrete; the 20th century's urban design according to transportation; end of the 20th century's Information Technology (IT), digital and satellite-imaging (GPS) technologies, wireless are integrated with design. Sustainable design consists of renewable energy, recycling etc. High Tech approach has been transformed by transferring the technologies from industries, such as electronics, mechanics, computers and industrial production. High Tech covers user responsive intelligence mechanisms and active technologies. The results of the study are stated as follows: Structural morphology depends on structural behavior, structural material, functional space configuration, and service & structural systems integration. Digital architecture has transferred technologies from ship building and aeronautics & aerospace industries. Performance based design principles determine the form-syntagm, which consist of FEM and CFD analyses. The projects which are modeled with CAD/CAM tools and being simulated as well are produced in CNC machines. Parametric design is a method in which digital prototyping of elements and buildings are generated, with changing parameters. Hybrid-space of digital architecture is presented as real & virtual. Advanced construction technologies consist of application of IT in building sector and use of BMS and BAS. Energy-efficient intelligent building is a system in which energy consumption is controlled automatically with building components in order to increase energy-efficiency by using active and passive systems. Passive systems reduce heat losses in houses, and supply ventilation in offices. Selective solar control glass is used on façade, which admits daylight. Robotics is a state of the art technology in High Tech. The findings, i.e. Grammar Rules of Form-Syntagm (GROFS) and the Categories (C.1,2,3,4) are as follows: The GROFS, C.1. Structural design and detail: In the form-syntagm: design of structural elements, such as tension chord etc., is arranged according to loads. Long spans are crossed by truss beams. Structure and service systems are integrated. The GROFS, C.2. Digital production technologies: In soft technologies in CAD the operations on geometrical 3-dimensional auxiliary design tools are applied to generic geometrical forms, such as transformations: stretching; combining: addition etc. There are certain examples, such as: monocoque shell and bubble form, wave effect on surfaces. The GROFS, C.3. Advanced construction technologies: At the building component scale the systematic form-syntagm is modeled as intelligent skin type 1 and type 2 by using CAD. Type 1 is the intelligent skin which is double layered, and type 2 is the intelligent skin which is an active façade. The GROFS, C.4. Energy-efficient intelligent building: Systematic form-syntagms according to energy efficiency are as follows: single skin or double skin glazed façades with sun control devices; naturally or mechanically ventilated double skin (multi-skin); double skin ventilated intelligent glazed façades which is one story height or building height. Other syntagms are Stadttor's double skin, the lighting and the HVAC. Keywords: Semiology, High Tech's form-language, energy-efficient intelligent building, digital production.    Bu çalışmada, yüksek teknoloji ile üretilen ve İngilizce kaynaklardan hareketle mimarlık ortamında “High-Tech” olarak isimlendirilen yapıların biçim dilinin varlığının, göstergebilimsel (semiyolojik) ve dilbilimsel yaklaşımlarla kanıtlanması amaçlanmıştır. Göstergebilimin kullandığı yöntemlerden biçim dizgesi gramer kuralları yöntemi; bir tasarımcı kılavuzu oluşturulurken ise sentaktik (sözdizimsel) ve semantik (anlamsal) değerlendirme yöntemleri kullanılmıştır. Örnek yapıların analiz edilmesi ile biçim dizgesi gramer kuralları tanımlanmıştır. Biçim dizgelerinin tümevarımla sentezi yapılarak “High Tech”in biçim dili ortaya konmuştur. Bu mimari yaklaşımın biçim dili dört kategoride sınıflandırılan tasarım kriterlerine dayanmaktadır. Bu kategoriler, strüktür tasarımı, dijital üretim teknolojileri, ileri inşaat teknolojileri ve enerji etkin akıllı bina tasarımıdır. Bu kategorilerdeki biçim dizgelerinden soyut nitelikliler, geometrik nitelikli tasarım yardımcı araçlarını; somut nitelikliler, üretim ve malzeme teknolojileri ile dijital üretim teknolojilerini, sözlük elemanlarını ve sistemleri kullanmaktadırlar. Dört kategorinin bulguları tasarımcı kılavuzundaki örneklerde sınanmıştır. Enerji kaynaklarının tükenmesi, High-Tech yapıların enerji etkin akıllı bina olmasını gerektirmektedir. High-Tech yapılarda özgün tasarımlar için fonksiyon, strüktür, yapı kabuğu, biçim, malzeme teknolojileri, fiziksel performans, alt sistemler ve Coğrafi Bilgi Sistemleri (Geographical Information Systems (GIS)) bütünsel düşünülmelidir. Oluşturulan biçim dizgelerinin, yenilerine olanak tanıması ile, bu çalışmanın tasarımcılara referans olabilmesi amaçlanmıştır. 19.yy’ın endüstriyel üretimi; 20.yy’ın ulaşıma dayanan planlaması; 20.yy’ın sonunun ise Bilgi Teknolojileri (Information Technologies (IT)) ve dijital teknolojileri bütünleştirilmektedir. Sürdürülebilir tasarım temelde, yenilenebilir enerji ve geri dönüştürülebilirliği içermektedir. High Tech, elektronik, mekanik, bilgisayar vb. teknolojileri transfer edip, ekolojik tabanlı teknolojiler (Eco-Tech), aktif teknolojiler ve akıllılık mekanizmalarını kapsamaktadır. Anahtar Kelimeler: Göstergebilim, High Tech’in biçim dili, enerji etkin akıllı bina, dijital üretim

Karbazol ve 3, 4 etilendioksitiyofen komonomerlerinin sentezi ve karbon fiber üzerinde elektropolimerizasyonu

PEDOT, was initially developed to give a soluble conducting polymer that lacked the presence of undesired a-b, and b-b,couplings within the polymer backbone. Prepared using standard oxidative chemical or electrochemical polymerization methods, PEDOT was initially found to be an insoluble polymer,   yet exhibited some very interesting properties. In addition  to a very high conductivity,, PEDOT was found to be almost transparent in thin, oxidized films and showed a very high stability in the oxidized state. Polycarbazole, among conducting polymers, is attributed with good electroactivity, and useful thermal, electrical andphotophysical properties. However, p®p electron system along its backbone imparts rigidity to the polymer and, therefore, makes it infusible and poorly processable. Due to this reason, it was not initially employed as widely in devices as other conducting polymers. Recent advances in synthesis methods have, however, revived interest in polycarbazole . Investigations related to chemical modification or co-polymerization of carbazole with other monomers have led to the use of polycarbazole and its derivatives as redox catalysts, photoactive devices, sensors, electrochromic display, electroluminescent devices and biosensors . A new co-monomer EBEE has been firstly synthesized, characterized and electropolymerized on CFME and Pt. Side group of monomer play an important role on the physical properties of resulting copolymer and it resembles the behavior of homopolymer of monomer at the end of co-monomer,namely ethylcarbazole. Environmental stability of PBEDOT was increased by incorporation of ECz monomer into structure. For ECz ending monomers CFME seems better substrate than Pt to obtain an electroactive polymer film. EBEE comonomer synthesized first time and electropolymerized on Pt and CFME. ECz was also electropolymerized on CFME in order to compare with Poly(EBEE) and to gain further information. Cyclic voltammogram of electrogrowth  of Poly(EBEE) obtained on CFME ,exhibits two oxidative processes at 0.88V and 1.22 V. Appearance of green color on the electrode surface, higher value of current intensities inaccordance with Pt electrode and increase in the current density with increasing scan number suggests a polymer film on CFME. Although current intensities increase as the scan number increases, deposition process or insoluble film formation could not be detected in any experiments and the color of solution converted to blue when Pt electrode was used as a working electrode. Ex-situ UV of solution was taken during electropolymerization, the results indicated that when it is increased time exposed to potential amount of oligomer increased.This might be due to so-called oligomer approach that accepted recently. In this approach it is suggested that after the formation of a dimer a sequence of subsequent dimerization step leads to the formation of soluble oligomers. All this reaction probably occurs in solution without or only small precipitation on electrode. In our case after dimerization and/or tetramer formation further coupling reaction become very slow due to decrease in the rate constant. Formation of only soluble oligomers was also supported by solution color which turns from light yellow to green as reaction proceeds. In the light of all these results it can be concluded that  solubility of oxidized product of ECz-BEDOT-ECz  on Pt electrode might be due to either characteristic behavior of ECz  or stop of polymerization and/or became very slow at oligomerization level as suggested by oligomer approach. ECz-BEDOT-ECz polymerization mechanism depends on the switching potentials and chemical reaction became important at higher switching potential. The scan rate used have an effect on the homogenity of the resultant film. In literature, it is known that ECz is not electropolymerized in except acidic conditions; however, we observed that ECz can be electropolymerized on CFME under mentioned experimental conditions. CV of PECz coated CFME electrodes in monomer free electrolyte shows two step oxidation at 0.93V and 1.23 V which has promising properties and need to  further investigation. Comparison of results with previous study reveal the fact  that chemical make up play an important role on the properties of resulting polymers. The polymer obtained at 100mV/s and different cycle numbers polymer coating was heteregenous. Regular polymer growth is observed only 20mV/s scan rate with 50cycle. A globular structure resulting from a three dimensional nucleation growth mechanism as observed only in that case. The SEM structure of PEBEE shows small clusters of globules.The morphology of polymers obtained with 100mV/s scan rate were quite different from that of obtained with 20mV/s. Keywords: Cz, EDOT, electropolymerization, carbon fiber microelectrode.Polikarbozol(PCz) ve poli(3,4 etilen dioksitiyofen)(PEDOT) ikisi de oldukça kararlı polimerlerdir. Fakat Poly(EthylCz) (PECz)’ün iletkenliği PEDOT’a oranla oldukça düşüktür. Polikarbazol ve PEDOT alternatif kopolimerleri sentezlendiğinde PCz’ün iletkenliğinin artırılması, her iki polimerin arasındaki etkileşimden dolayı homopolimerlerden daha üstün özellikleri olan bir kopolimer elde edilmesi amaçlanmıştır. Uç grubu Ecz olan Ecz-BEDOT-Ecz komonomeride sentezlenmiştir. Böylelikle BEDOT komonomeri yapısına Ecz’ü de katılarak komonomerin konjugasyon boyutu uzamıştır. Ecz-BEDOT-Ecz karbon fiber üzerinde polimerleşirken Platin üzerinde tıpkı Ecz homopolimerine benzer şekilde polimerleşmemiş sadece oligomer oluşumu UV spektroskopisinde gözlenmiştir. EBEE’nin karbon fiber üzerine kaplanması 1.3V uygulayarak 100mV/s tarama hızında döngülü voltamogram ile gerçekleştirilmiştir. Bu sonuç kullanılan elektrot tipinin polimeri-zasyon mekanizmasını etkilediğini kanıtlamaktadır. Kaplanan PEBEE’nin elektron transferine ait olan birinci redoks prosesi 0.88V’da, ikinci redoks prosesi ise 1.22V’dadır. Bu ikinci pikin çok daha yüksek olması orada hem komonomerin hemde kopolimerin bu potansiyelde oksitlenebilmesidir. Komonomerdeki ECz uç grubu; kopolimerin fiziksel özelliklerini iyileştirmeye büyük katkısı olmuştur. Elde edilen kopolimerin redoks davranışı Ecz’ün homopolimerine benzer özellik taşımaktadır. PEBEE’nin oksidasyon potansiyeli 0.4V’dur. Dolayısıyla PECz’dan daha küçüktür. Bu veriye dayanarak konjugasyon uzunluğunun arttığını ve elde edilen alternatif kopolimerin iletkenliğinin PECz’den yüksek olduğu sonucunu çıkarabiliriz. PBEDOT’ın oksidasyon potansiyeli düşük olduğundan oda koşullarında saklanamamaktadır. Alternatif kopolimer eldesiyle PBEDOT’ın kararlılığını arttırdığı görülmüştür. PEBEE’ yi homojen olarak karbon fiber üzerine kaplamak için pek çok koşul denenmiş, fakat en homojen kaplamanın  düşük polimerizasyon hızında (20mV/s) ve 50 döngü saysında elde edilebilmiştir. Anahtar Kelimeler: Cz, EDOT, elektropolimerizasyon, iletken polimer, karbon fiber