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Journal of Corporate Finance 43 (2017) 288 –315 Contents lists available at ScienceDirect Journal of Corporate Finance jour nal homepage: www.el sevier. com/ locate/ jcorpfin Takeover law to protect shareholders: Increasing efficiency or merely redistributing gains? Ying Wang a,1, Henry Lahr b,c,⁎ a Lord Ashcroft International Business School, Anglia Ruskin University, Unit