Integrating the export distribution channels after an acquisition

This thesis is based on studying integration synergies in a merger or acquisition situation with the interest in distribution channel integration. M&As seem to be forever popular and nowadays companies often use them as a certain kind of strategy to develop their business. M&As have attracted research for decades and also distribution in M&As has been found interesting. Moreover, research often concentrates to the horizontal M&A´s potential synergies that emerge in the integration process and so is the case also in this study as the core issue is to study the integration of the distribution channels and its potential synergies. This study concentrates on a single case, an acquisition which took place in 2011. The case consists of two Finnish companies operating in the same business field. Both of the companies are very export orientated, which gives this study its export view. As the companies operate in the same field this acquisition falls into the categorization of horizontal acquisition. The objective of the thesis is to study how the export channels could be integrated after an acquisition? This research question is divided again to three sub-questions asking how the distribution channels of the acquirer and acquired company are organized, what is pursued by the post-acquisition distribution channel integration and what are the integration challenges especially from the logistics point-of-view. The framework was built from the basis of the literature used in this thesis. The framework combines M&A process and distribution channels to a one united model which presents the progress of this thesis. The study was carried out as a qualitative research and as a holistic single case study. The data used in the research includes two interviews, other material from the case companies and also material of the companies collected by the author independently from different sources. There were many motives for the acquisition as usual. From the research results one can find that the integration process is still very ongoing and the synergies have not yet been fully discovered but also they are there to be found. The concentration of the research was in the export distribution which proved to be meaningful since the exports markets of the case companies were found to be quite complementary. The research results brought up also other issues concerning the post-acquisition integration process rather than the distribution channels and export. M&As are always a risky business. The final result can never be predicted. No matter how good the merging companies look on paper the practice is not the same. The acquisition process of this case has not ended yet and there lies potential synergy benefits to be discovered if enough effort is used to go through the process right.

Yrityksen 360° -kumppanistrategia ulkoisten yrityssuhteiden hoitamiseen

Tässä Pro gradu -tutkimuksessa selvitettiin yritystenvälisen yhteistyön suunnitelmallisuutta ja systemaattisuutta. Tavoite oli ymmärtää miksi ja miten systemaattinen toimintaohjeisto tulisi tehdä sekä empiirisesti tutkia ovatko valitut yritykset tehneet itselleen toimintaohjeet yritystenväliseen yhteistyöhön. Tutkimuksen yhteydessä kehittyi ”yrityksen 360° -kumppanistrategia”, joka voidaan liittää osaksi yrityksen kokonaisstrategiaa. Kokonaisvaltainen 360° -kumppanistrategia luo pohjan kaikkien ulkoisten yrityssuhteiden systemaattiseen määrittelyyn ja hoitamiseen. 360° -kumppanistrategiasta johdetaan operatiivinen 90° -kumppanikäsikirja yhteistyösuhteiden eri osa-alueille. Operatiivisessa työkalussa määritellään muun muassa miten kuhkin yhteistyösuhde asemoidaan yritykseen nähden ja miten eri yhteistyö-kumppaneiden kanssa tulee toimia. 360° -kumppanistrategialla luodaan selkeyttä yritystenväliseen yhteistyöhön toimintatapoja yhtenäistämällä. Pro gradu -tutkimuksessa tutkittiin 360° -kumppanistrategiaa sekä teoreettisesta että empiirisestä lähtökohdasta. Teoreettisessa osassa selvitettiin, mitä yrityksen 360° -kumppanistrategiasta on kirjoitettu ja onko aiheeseen liittyen olemassa olevaa teoriaa. Empiirisessä osassa tutkittiin miksi ja miten yritykset ovat luoneet itselleen 360° -kumppanistrategian. Empiirinen tutkimus toteutettiin laadullisin menetelmin henkilökohtaisten haastattelu-tutkimusten avulla. Johtopäätöksenä voidaan todeta, että 360° -kumppanistrategiaa on tutkittu melko vähän. Tieteellinen tutkimus keskittyy lähinnä vallitseviin yhteistyö-malleihin, verkostoihin tai yhteistyöhön liittyviin yksittäisiin komponentteihin, kuten luottamukseen. Empiirinen havainto oli, että muutamilla yrityksillä oli tietoinen toimintatapa ulkoisten yritysten kanssa toimimiseen, mutta sen sisältö vaihteli yrityksestä riippuen. Tässä tutkimuksessa esiteltyä kokonaisvaltaista 360° -kumppanistrategiaa tutkituissa yrityksissä ei aiemmin ollut tässä laajuudessa.

The impact of long-term brand development strategies on brand value of companies operating in high-technology markets

The objective of the current research is to investigate brand value generation. The study is conducted in the context of high-technology companies. The research aims at finding the impact of long-term brand development strategies, including advertising investments, R&D investments, R&D intensity, new products developed and design. The empirical part of the study incorporated collection of primary and secondary data on 36 companies operating in high-technology sector and being rated as top companies with the most valuable brands by Interbrand consultancy. The data contained information for six consequent years from 2008 to 2013. Obtained data was analyzed using the methods of fixed effect and random effect model (panel data analysis). The analysis showed positive effect of advertising and R&D investments on brand value of high-technology companies in the long run. The impact of remaining three strategies was not approved and further investigation is required.

Sähkönjakeluverkkoyhtiöiden kokemuksia liiketoiminnan taloudellisesta sääntelystä kolmannella valvontajaksolla 2012 - 2015

TIIVISTELMÄ Tekijä: Jouni Pyykkö Työn nimi: Sähkönjakeluverkkoyhtiöiden kokemuksia liiketoiminnan taloudellisesta sääntelystä kolmannella valvontajaksolla 2012 - 2015 Vuosi: 2014 Paikka: Hyvinkää Diplomityö. Lappeenrannan teknillinen yliopisto, Tuotantotalous. 115 sivua, 9 kuvaa, 2 taulukkoa Tarkastajat: Professori Timo Pihkala ja Tutkijatohtori Marita Rautiainen Hakusanat: Jakeluverkkoyhtiö, regulaatio ja sääntely Euroopan unionin 1990 -luvulla aloittama sähkömarkkinoiden kehittäminen on merkinnyt Suomessakin suuria muutoksia toimialan yrityksille. Sähköenergian kauppa ja tuotanto on saatettu vapaan markkinaehtoisen kilpailun piriin. Sen sijaan sähkönsiirron ja -jakelun liiketoiminnot on toteutettu alueellisten luonnollisten monopolien turvaamina liiketoimintamalleina. Monopolin kautta toteutettu liiketoiminta aiheuttaa merkittäviä eturistiriitoja sähkönjakeluverkkoliiketoiminnan sidosryhmille. Nämä ristiriidat voivat johtaa kuluttajan kannalta kohtuuttomaan sähkönsiirron hinnoitteluun. Toisaalta liiketoiminnan on turvattava jakeluverkkoyhtiölle riittävät kannusteet liiketoiminnan harjoittamiseen sekä turvata riittävät investointitasot sähköverkkoihin sähkönlaadun ja toimitusvarmuuden turvaamiseksi. Näiden eri sähkönjakeluliiketoiminnan sidosryhmien tarpeiden tasapainottamiseen käytetään Suomessa energiamarkkinaviranomaisen toteuttamaa verkkoyhtiöiden sääntelyä eli regulaatiota. Sääntelyn tavoitteena on turvata jakeluverkkoliiketoiminnan osapuolten ristiriitaiset edut niin, että kokonaisuuden aiheuttama hyvinvointitappio on mahdollisimman pieni. Tässä työssä tarkastellaan sääntelyn toimivuutta ja ongelmakohtia jakeluverkkoyhtiöiden liiketoiminnan näkökulmasta. Tutkimus on toteutettu haastattelemalla yhdeksää jakeluverkkoyhtiön edustajaa. Tavoitteena on löytää jakeluverkkoyhtiöiden näkökulmasta esiin nousevat sääntelyyn liittyvät ongelmat ja liiketoiminnan haasteet. Tutkielmassa luodaan myös kuvaus keskeisistä valvontamenetelmistä sekä toimenpiteistä, joilla jakeluverkkoyhtiöiden näkökulmasta sääntelymallia voisi parantaa ja tehostaa.

Point Of No Return: Dope Sick Love and Reindeerspotting as Documentaries of Addiction

In this postgraduate thesis the focus is on two documentary films, Renaud Brothers's Dope Sick Love (2005) and Joonas Neuvonen's Reindeerspotting (2010). In both of these films, addicts are on limelight. The directors of both films follow addicts and their everyday lives on streets with handheld cameras. This thesis will analyze and compare the narratives of these addicts. Do these documentaries affirm to the existing conventions, according to which representations of addicts and addiction are always either miraculous survival stories or stories, which always end up in utter decadence. The main questions this thesis proposes, are how addicts and their narratives are being handled in the two case study films, and how the drug cultures depicted in the films differ from each other. What changes between New York City and Rovaniemi, Northern Finland, and what remains the same. The academic and theoretical framework of this thesis consists of Susanna Helke's doctoral thesis Nanookin jälki, where the history of documentary films' methods and approaches are discussed. Additionally, the thinking is heavily informed by such poststructuralist writers as Roland Barthes, Michel Foucault, Louis Althusser, Stuart Hall and Chris Weedon.

Dual light barrier method for six degrees of freedom tool center point calibration of an industrial robot

Tool center point calibration is a known problem in industrial robotics. The major focus of academic research is to enhance the accuracy and repeatability of next generation robots. However, operators of currently available robots are working within the limits of the robot´s repeatability and require calibration methods suitable for these basic applications. This study was conducted in association with Stresstech Oy, which provides solutions for manufacturing quality control. Their sensor, based on the Barkhausen noise effect, requires accurate positioning. The accuracy requirement admits a tool center point calibration problem if measurements are executed with an industrial robot. Multiple possibilities are available in the market for automatic tool center point calibration. Manufacturers provide customized calibrators to most robot types and tools. With the handmade sensors and multiple robot types that Stresstech uses, this would require great deal of labor. This thesis introduces a calibration method that is suitable for all robots which have two digital input ports free. It functions with the traditional method of using a light barrier to detect the tool in the robot coordinate system. However, this method utilizes two parallel light barriers to simultaneously measure and detect the center axis of the tool. Rotations about two axes are defined with the center axis. The last rotation about the Z-axis is calculated for tools that have different width of X- and Y-axes. The results indicate that this method is suitable for calibrating the geometric tool center point of a Barkhausen noise sensor. In the repeatability tests, a standard deviation inside robot repeatability was acquired. The Barkhausen noise signal was also evaluated after recalibration and the results indicate correct calibration. However, future studies should be conducted using a more accurate manipulator, since the method employs the robot itself as a measuring device.

Two point deterministic model for acquisition of in vitro pollen grain androgenetic capacity based on wheat studies

This article discusses, from the standpoint of cellular biology, the deterministic and indeterministic androgenesis theories. The role of the vacuole and of various types of stresses on deviation of the microspore from normal development and the point where androgenetic competence is acquired are examined. Based on extensive literature review and data on wheat studies from our laboratory, a model for androgenetic capacity of pollen grain is proposed. A two point deterministic model for in vitro androgenesis is our proposal for acquisition of androgenetic potential of the pollen grain: the first switch point would be early meiosis and the second switch point the uninucleate pollen stage, because the elimination of cytoplasmatic sporophytic determinants takes place at those two strategic moments. Any abnormality in this process allowing the maintenance of sporophytic informational molecules results in the absence of establishment of a gametophytic program, allowing the reactivation of the embryogenic process

Detection of point mutations by non-isotopic single strand conformation polymorphism

We have developed a procedure for nonradioactive single strand conformation polymorphism analysis and applied it to the detection of point mutations in the human tumor suppressor gene p53. The protocol does not require any particular facilities or equipment, such as radioactive handling, large gel units for sequencing, or a semiautomated electrophoresis system. This technique consists of amplification of DNA fragments by PCR with specific oligonucleotide primers, denaturation, and electrophoresis on small neutral polyacrylamide gels, followed by silver staining. The sensitivity of this procedure is comparable to other described techniques and the method is easy to perform and applicable to a variety of tissue specimens.

Linguistic models for decision support

Linguistic modelling is a rather new branch of mathematics that is still undergoing rapid development. It is closely related to fuzzy set theory and fuzzy logic, but knowledge and experience from other fields of mathematics, as well as other fields of science including linguistics and behavioral sciences, is also necessary to build appropriate mathematical models. This topic has received considerable attention as it provides tools for mathematical representation of the most common means of human communication - natural language. Adding a natural language level to mathematical models can provide an interface between the mathematical representation of the modelled system and the user of the model - one that is sufficiently easy to use and understand, but yet conveys all the information necessary to avoid misinterpretations. It is, however, not a trivial task and the link between the linguistic and computational level of such models has to be established and maintained properly during the whole modelling process. In this thesis, we focus on the relationship between the linguistic and the mathematical level of decision support models. We discuss several important issues concerning the mathematical representation of meaning of linguistic expressions, their transformation into the language of mathematics and the retranslation of mathematical outputs back into natural language. In the first part of the thesis, our view of the linguistic modelling for decision support is presented and the main guidelines for building linguistic models for real-life decision support that are the basis of our modeling methodology are outlined. From the theoretical point of view, the issues of representation of meaning of linguistic terms, computations with these representations and the retranslation process back into the linguistic level (linguistic approximation) are studied in this part of the thesis. We focus on the reasonability of operations with the meanings of linguistic terms, the correspondence of the linguistic and mathematical level of the models and on proper presentation of appropriate outputs. We also discuss several issues concerning the ethical aspects of decision support - particularly the loss of meaning due to the transformation of mathematical outputs into natural language and the issue or responsibility for the final decisions. In the second part several case studies of real-life problems are presented. These provide background and necessary context and motivation for the mathematical results and models presented in this part. A linguistic decision support model for disaster management is presented here – formulated as a fuzzy linear programming problem and a heuristic solution to it is proposed. Uncertainty of outputs, expert knowledge concerning disaster response practice and the necessity of obtaining outputs that are easy to interpret (and available in very short time) are reflected in the design of the model. Saaty’s analytic hierarchy process (AHP) is considered in two case studies - first in the context of the evaluation of works of art, where a weak consistency condition is introduced and an adaptation of AHP for large matrices of preference intensities is presented. The second AHP case-study deals with the fuzzified version of AHP and its use for evaluation purposes – particularly the integration of peer-review into the evaluation of R&D outputs is considered. In the context of HR management, we present a fuzzy rule based evaluation model (academic faculty evaluation is considered) constructed to provide outputs that do not require linguistic approximation and are easily transformed into graphical information. This is achieved by designing a specific form of fuzzy inference. Finally the last case study is from the area of humanities - psychological diagnostics is considered and a linguistic fuzzy model for the interpretation of outputs of multidimensional questionnaires is suggested. The issue of the quality of data in mathematical classification models is also studied here. A modification of the receiver operating characteristics (ROC) method is presented to reflect variable quality of data instances in the validation set during classifier performance assessment. Twelve publications on which the author participated are appended as a third part of this thesis. These summarize the mathematical results and provide a closer insight into the issues of the practicalapplications that are considered in the second part of the thesis.

Siirtohinnoittelun kehittäminen etäluettavilta mittareilta saatavan datan avulla sähkönjakeluyhtiö Mäntsälän Sähkö Oy:lle

Sähkönsiirtomaksuilla katetaan luonnollisena alueellisena monopolina toimivan paikallisen sähkönjakeluyhtiön toiminta. Koska sähköverkkoyhtiöt toimivat monopoliasemassa, niiden toimintaa valvoo Energiavirasto. Energiavirasto valvoo pääasiassa verkkoyhtiöiden liikevaihtoa ja toiminnan tehokkuutta. Verkkoyhtiöiden toimintaa säätää Suomessa sähkömarkkinalaki. Verkkoyhtiöiden kustannusrakenne on hyvin sidottu verkoston kustannuksiin. Koska sähköverkoston kustannukset ovat pitkän käyttöiän ja suurien alkuinvestointien vuoksi vuosittain kiinteät ja merkittävän suuret, olisi verkkoyhtiön kannalta tärkeää, että vuosittaiset tulot eivät suuresti vaihtelisi. Nykyisellä hinnoittelumallilla kuitenkin verkkoyhtiöiden tulot jäävät hyvin riippuvaisiksi talven kylmyydestä. Nykyisin Suomessa yleisesti käytettävässä siirtohinnoittelun hinnoittelumallissa ei huomioida myöskään sitä, että verkkoyhtiön kustannukset ovat enemmän riippuvaisia verkossa siirretyistä tehoista kuin energioista. Siirtohinnoittelun kannalta on tapahtunut ja on tapahtumassa merkittäviä muutoksia. Etäluettavien sähkönkulutusmittarien käyttöönoton myötä asiakkaiden kulutuksesta saadaan huomattavasti entistä enemmän tietoa, mikä auttaa kustannusvastaavien hintojen määrittämisessä. Samaan aikaan asiakkaiden sähkön käyttö voi muuttua huomattavasti varsinkin sähköautojen ja lämpöpumppujen yleistymisen myötä. Tämän työn tarkoituksena on luoda Mäntsälän Sähkö Oy:lle sähkönsiirtohinnoittelun kustannuksia vastaavien hintojen määrittämiseksi laskentasovellus sekä selvittää tulevaisuuden siirtohinnoittelun toteuttamismahdollisuuksia. Lyhyen aikavälin suunnittelussa keskitytään kustannusvastaavien hintojen määrittämiseen keskihintaperiaatteen avulla ja pidemmän aikavälin suunnittelussa asiakkaiden huipputehoihin perustuvan hinnoittelun toteuttamisen vaikutuksiin sekä verkkoyhtiön että asiakkaan näkökulmasta.

Spin Polarization and Normal Reflection at Nanoscale Point Contacts

This thesis presents point-contact measurements between superconductors (Nb, Ta, Sn,Al, Zn) and ferromagnets (Co, Fe, Ni) as well as non-magnetic metals (Ag, Au, Cu, Pt).The point contacts were fabricated using the shear method. The differential resistanceof the contacts was measured either in liquid He at 4.2 K or in vacuum in a dilutionrefrigerator at varying temperature down to 0.1 K. The contact properties were investigatedas function of size and temperature. The measured Andreev-reflection spectrawere analysed in the framework of the BTK model – a three parameter model that describescurrent transport across a superconductor - normal conductor interface. Theoriginal BTK model was modified to include the effects of spin polarization or finitelifetime of the Cooper pairs. Our polarization values for the ferromagnets at 4.2 K agree with the literature data, but the analysis was ambiguous because the experimental spectra both with ferromagnets and non-magnets could be described equally well either with spin polarization or finite lifetime effects in the BTK model. With the polarization model the Z parametervaries from almost 0 to 0.8 while the lifetime model produces Z values close to 0.5. Measurements at lower temperatures partly lift this ambiguity because the magnitude of thermal broadening is small enough to separate lifetime broadening from the polarization. The reduced magnitude of the superconducting anomalies for Zn-Fe contacts required an additional modification of the BTK model which was implemented as a scaling factor. Adding this parameter led to reduced polarization values. However, reliable data is difficult to obtain because different parameter sets produce almost identical spectra.

c-Fos expression induced by electroacupuncture at the Zusanli point in rats submitted to repeated immobilization

In laboratory animals, acupuncture needs to be performed on either anesthetized or, if unanesthetized, restrained subjects. Both procedures up-regulate c-Fos expression in several areas of the central nervous system, representing therefore a major pitfall for the assessment of c-Fos expression induced by electroacupuncture. Thus, in order to reduce the effect of acute restraint we used a protocol of repeated restraint for the assessment of the brain areas activated by electroacupuncture in adult male Wistar rats weighing 180-230 g. Repeated immobilization protocols (6 days, 1 h/day and 13 days, 2 h/day) were used to reduce the effect of acute immobilization stress on the c-Fos expression induced by electroacupuncture at the Zusanli point (EA36S). Animals submitted to immobilization alone or to electroacupuncture (100 Hz, 2-4 V, faradic wave) in a non-point region were compared to animals submitted to electroacupuncture at EA36S (4 animals/subgroup). c-Fos expression was measured in 41 brain areas by simple counting of cells and the results are reported as number of c-Fos-immunoreactive cells/10,000 µm². The protocols of repeated immobilization significantly reduced the immobilization-induced c-Fos expression in most of the brain areas analyzed (P < 0.05). Animals of the EA36S groups had significantly higher levels of c-Fos expression in the dorsal raphe nucleus, locus coeruleus, posterior hypothalamus and central medial nucleus of the thalamus. Furthermore, the repeated immobilization protocols intensified the differences between the effects of 36S and non-point stimulation in the dorsal raphe nucleus (P < 0.05). These data suggest that high levels of stress can interact with and mask the evaluation of specific effects of acupuncture in unanesthetized animals.

Projektijohtamisen kehittämisellä lisäarvoa B2B- asiakkaille

Diplomityön keskeisimpinä tavoitteina kohdeyritykselle oli ymmärtää liiketoiminnan muutoksen elementtejä, arvioida projektijohtamisen kyvykkyyden vaatimuksia sekä tunnistaa kehitystarpeita projektinjohtamisen uusille toimintatavoille toimitusprojekteissa. Projektijohtamisen ja -hallinnan kehittäminen on viime vuosien aikana noussut niin yritysten kuin akateemisten yhteisöjen mielenkiinnon kohteeksi. Kirjallisuuskatsauksessa laaja-alaisen ymmärryksen luomiseksi projektijohtamisen viitekehystä tarkasteltiin liiketoiminnan muutoksen, arvontuoton, ulkoistamisen ja osaamisen näkökulmista. Muodostettua viitekehystä hyödynnettiin empiirisen kyselytutkimuksen suunnittelussa ja tulosten analysoinnissa. Tuloksista keskeisimpänä todetaan, että arvontuotto projektijohtamisen palveluissa ainakin projektipäälliköiden osalta kohdistuu osaamiseen, kokemukseen ja johtamistaitoihin. Palveluliiketoimintaan suuntautuminen edellyttää tuotteiden määrittämistä prosesseiksi. Samoin projektijohtamisen kohentaminen vaatii toimintatapamuutoksia, kommunikoinnin parantamista ja kyvykkyyden nostoa. Työn tuloksena tehtiin suosituksia kohdeyritykselle, joiksi määrittyivät projektijohtamisen käytäntöjen kehittäminen, projektitoimiston perustaminen ja arvontuoton terävöittäminen liiketoimintamallin muokkauksella.

Nanoparticle-Assisted Immunoassays for Point-of-Care Testing - With Specific Interest in Minimally Interference-Prone Assays for Cardiac Troponin I

Cardiac troponins (cTn) I and T are the current golden standard biochemical markers in the diagnosis and risk stratification of patients with suspected acute coronary syndrome. During the past few years, novel assays capable of detecting cTn‐concentrations in >50% of apparently healthy individuals have become readily available. With the emerging of these high sensitivity cTn assays, reductions in the assay specificity have caused elevations in the measured cTn levels that do not correlate with the clinical picture of the patient. The increased assay sensitivity may reveal that various analytical interference mechanisms exist. This doctoral thesis focused on developing nanoparticle‐assisted immunometric assays that could possibly be applied to an automated point‐of‐care system. The main objective was to develop minimally interference‐prone assays for cTnI by employing recombinant antibody fragments. Fast 5‐ and 15‐minute assays for cTnI and D‐dimer, a degradation product of fibrin, based on intrinsically fluorescent nanoparticles were introduced, thus highlighting the versatility of nanoparticles as universally applicable labels. The utilization of antibody fragments in different versions of the developed cTnI‐assay enabled decreases in the used antibody amounts without sacrificing assay sensitivity. In addition, the utilization of recombinant antibody fragments was shown to significantly decrease the measured cTnI concentrations in an apparently healthy population, as well as in samples containing known amounts of potentially interfering factors: triglycerides, bilirubin, rheumatoid factors, or human anti‐mouse antibodies. When determining the specificity of four commercially available antibodies for cTnI, two out of the four cross‐reacted with skeletal troponin I, but caused crossreactivity issues in patient samples only when paired together. In conclusion, the results of this thesis emphasize the importance of careful antibody selection when developing cTnI assays. The results with different recombinant antibody fragments suggest that the utilization of antibody fragments should strongly be encouraged in the immunoassay field, especially with analytes such as cTnI that require highly sensitive assay approaches.

Estradiol and testosterone concentrations in follicular fluid as criteria to discriminate between mature and immature oocytes

The objective of the present study was to examine the association between follicular fluid (FF) steroid concentration and oocyte maturity and fertilization rates. Seventeen infertile patients were submitted to ovulation induction with urinary human follicle-stimulating hormone, human menopausal gonadotropin and human chorionic gonadotropin (hCG). A total of 107 follicles were aspirated after hCG administration, the oocytes were analyzed for maturity and 81 of them were incubated and inseminated in vitro. Progesterone, estradiol (E2), estrone, androstenedione, and testosterone were measured in the FF. E2 and testosterone levels were significantly higher in FF containing immature oocytes (median = 618.2 and 16 ng/ml, respectively) than in FF containing mature oocytes (median = 368 and 5.7 ng/ml, respectively; P < 0.05). Progesterone, androstenedione and estrone levels were not significantly different between mature and immature oocytes. The application of the receiver-operating characteristic curve statistical approach to determine the best cut-off point for the discrimination between mature and immature oocytes indicated levels of 505.8 ng/ml for E2 (81.0% sensitivity and 81.8% specificity) and of 10.4 ng/ml for testosterone (90.9% sensitivity and 82.4% specificity). Follicular diameter was associated negatively with E2 and testosterone levels in FF. There was a significant increase in progesterone/testosterone, progesterone/E2 and E2/testosterone ratios in FF containing mature oocytes, suggesting a reduction in conversion of C21 to C19, but not in aromatase activity. The overall fertility rate was 61% but there was no correlation between the steroid levels or their ratios and the fertilization rates. E2 and testosterone levels in FF may be used as a predictive parameter of oocyte maturity, but not for the in vitro fertilization rate.