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European Financial Management, 2012 doi: 10.1111/j.1468-036X.2012.00644.x Private Equity Lemons? Evidence on Value Creation in Secondary Buyouts Ann-Kristin Achleitner and Christian Figge ¨ ¨ Center for Entrepreneurial and Financial Studies; Technische Universitat Munchen, TUM Business School; Arcisstr. 21, 80333 Munich, Germany E-mails: ann-kristin.achleitner@wi.tum.de; christian.figge@wi.tum.de Abstract This paper analyses whether secondary buyouts have a value c