In network industries, comparing legal vs ownership unbundling, researchers found that when a company owns both the network and the businesses using it, it tends to invest more wisely for the long term. Legal separation can lead to companies focusing on short-term profit and ignoring customer needs when choosing network size. Allowing a company to own parts of both the network and customer businesses can help balance this. The study shows that ownership separation can harm overall welfare more than legal separation in these industries, even with variations in network needs, competition levels, and downstream investments.