Law and finance, a field exploring the intricate relationship between legal systems and financial development, has undergone significant evolution since its initial articulation. Early research emphasized how strong legal protections for investors, particularly minority shareholders, fostered deeper and more liquid capital markets. Countries with common law traditions, supposedly offering superior investor protection, were often presented as paragons of financial development compared to civil law jurisdictions. This initial dichotomy, while impactful, has been revisited and refined in light of empirical evidence and theoretical advancements.