Research

Cuiusvis hominis est errare, nullius nisi insipientis in errore perseverare. 

[Cicero, Philippica 12, 2]

Research Interests

My research focuses on (1) finance, (2) networks, (3) agents & actors and (4) technologies.

Research Projects

1. Financing Decisions

2. Human and Social Capital

3. Networks of Humans, Robots (e.g., cobots, AGVs & AMRs) and Humanoids

4. Trade Networks and Efficiency

5. Contracting in Algorithmic Space

6. Standards

Publications

Articles (Peer Reviewed)

• Yan, M., Yu, P., Chan, C.A., Gygax, A.F., Li, C., I, C.-L., 2026, Intelligent and Efficient UAV Delivery for Low-Altitude Economy Networking: Path Planning and Energy Consumption Optimization, IEEE Communications Magazine. Accepted.

• Yan, M., Guo, H., Chan, C.A., Gygax, A.F., Li, C., I, C.-L., 2026. Semantic communication-enabled multi-access edge computing network resource optimization in the 6G era. IEEE Wireless Communications 33(2), 83-91. DOI:  10.1109/MWC.2025.3600791.

• Yan, M., Zhang, Y., Chan, C.A., Gygax, A.F., Li, C., 2025. Secure task offloading strategy optimization of UAV-aided outdoor mobile HD live streaming, Chinese Journal of Aeronautics 38(10), 103454. DOI: 10.1016/j.cja.2025.103454 

• Yan, M., Chan, C.A., Gygax, A.F., Li, C., Nirmalathas, A., I, C.-L., 2024. Efficient generation of optimal UAV trajectories with uncertain obstacle avoidance in MEC networks, IEEE Internet of Things Journal 11(23), 38380-38392. DOI: 10.1109/JIOT.2024.3446664.

• Yan, M., Luo, M., Chan, C.A., Gygax, A.F., Li, C., I, C.-L., 2024. Energy-efficient content fetching strategies in cache-enabled D2D networks via an actor-critic reinforcement learning structure, IEEE Transactions on Vehicular Technology 73(11), 17485-17495. DOI: 10.1109/TVT.2024.3419012.

• Yan, M., Zhang, L., Jiang, W., Chan, C.A., Gygax, A.F., Nirmalathas, A., 2024. Energy consumption modeling and optimization of UAV-assisted MEC networks using deep reinforcement learning, IEEE Sensors Journal 24(8), 13629-13639. DOI: 10.1109/JSEN.2024.3370924.

• Furtado, D., Gygax, A.F., Chan, C.A., Bush, A.I., 2023. Time to forge ahead: the internet of things for healthcare, Digital Communications and Networks 9(1), 223-235. DOI: 10.1016/j.dcan.2022.06.007.

• Yan, M., Li, W., Chan, C.A., Bian, S., I, C.-L., Gygax, A.F., 2019. PECS: Towards personalized edge caching for future service-centric networks, China Communications 16(8), 83-96. DOI: 10.23919/JCC.2019.08.009.

• Sawyer, K.R., Gygax, A.F., 2019. An option-theoretic model of a reputation network, Journal of Mathematical Sociology 43(3), 123-146. DOI:  10.1080/0022250X.2018.1545769.

• Yan, M., Chan, C.A., Gygax, A.F., Yan, J., Campbell, L., Nirmalathas, A., Leckie, C., 2019. Modeling the total energy consumption of mobile network services and applications, Energies 12(1), 184. DOI: 10.3390/en12010184. [This article was used by the German Federal Ministry of Transport and Digital Infrastructure (Bundesministerium für Verkehr und digitale Infrastruktur)  to develop the Federal Government of Germany's Wireless Network Strategy (5G) (Mobilfunkstrategie der Bundesregierung)].

• Yan, M., Chan, C.A., Li, W., Lei, L., Gygax, A.F., I, C.-L., 2019. Assessing the energy consumption of proactive mobile edge caching in wireless networks, IEEE Access 7(1), 104394-104404. DOI: 10.1109/ACCESS.2019.2931449.

• Yan, M., Chan, C.A., Li, W., I, C.-L., Bian, S., Gygax, A.F., Leckie, C., Hinton, K., Wong, E., Nirmalathas, A., 2016. Network energy consumption assessment of conventional mobile services and over-the-top instant messaging applications, IEEE Journal on Selected Areas in Communications 34, 3168-3180. DOI: 10.1109/JSAC.2016.2611978.

• Chan, C.A., Gygax, A.F., Leckie, C., Wong, E., Nirmalathas, A., and Hinton, K., 2016. Telecommunications energy and greenhouse gas emissions management for future network growth, Applied Energy 166, 174-185. DOI: 10.1016/j.apenergy.2016.01.007.

• Chan, C.A., Li, W., Bian, S., I, C.-L., Gygax, A.F., Leckie, C., Yan, M., and Hinton, K., 2015. Assessing network energy consumption of mobile applications, IEEE Communications Magazine 53(11), 182-191. DOI: 10.1109/MCOM.2015.7321989.

• Wong, L.H.H., Gygax, A.F., and Wang, P., 2015. Board interlocking network and the design of executive compensation packages, Social Networks 41, 85-100. DOI: 10.1016/j.socnet.2014.12.002. [This article was listed in the blog 'Top Dollar' on National Affairs]. 

• Koropp, C., Grichnik, D., and Gygax, A.F., 2013. Succession financing in family firms, Small Business Economics 41(2),  315-334. DOI: 10.1007/s11187-012-9442-z. [This article was listed in Family Business Insights for Insiders - Summer 2013 - published by INSEAD's Wendel International Centre for Family Enterprise].

• Chan, C.A., Gygax, A.F., Wong, E., Leckie, C., Nirmalathas, A., and Kilper, D.C., 2013. Methodologies for assessing the use-phase power consumption and greenhouse gas emissions of telecommunications network services, Environmental Science & Technology 47(1), 485-492. [This article was highlighted in the IEEE Photonics Society Newsletter which is published by the Photonics Society Institute of Electrical and Electronic Engineers, August 2013, vol. 47, no. 4. DOI: 10.1021/es303384y.

• Chan, C.A., Wong, E., Nirmalathas, A., Gygax, A.F., and Leckie, C., 2011. Energy efficiency of on-demand video caching systems and user behavior, Optics Express 19(26), B260-B269. DOI: 10.1364/OE.19.00B260.

• Gygax, A.F., and Ong, S., 2011. What do investment banks truly bring to the table? Abacus 47(2), 121-157. DOI: 10.1111/j.1467-6281.2011.00336.x.

• Gygax, A.F., and Otchere, I., 2010. Index composition changes and the cost of incumbency, Journal of Banking and Finance 34(10), 2500-2509. DOI: 10.1016/j.jbankfin.2010.04.007.

• Sawyer, K.R., Gygax, A.F., and Hazledine, M., 2010. Pricing errors and estimates of risk premia in factor models, Annals of Finance 6(3), 391-403. DOI: 10.1007/s10436-008-0116-4.

• Chang, X., Gygax, A.F., Oon, E., and Zhang, H.F., 2008. Audit quality, auditor compensation and initial public offering underpricing, Accounting and Finance 48(3), 391-416. DOI: 10.1111/j.1467-629X.2008.00275.x. [This article was listed in The Auditor's Report, volume 32, no. 1, Fall 2008, in the Auditing Section of the American Accounting Association].

• Gygax, A.F., and Griffiths, A., 2007. Do venture capitalists imitate portfolio size? Financial Markets and Portfolio Management 21(1), 69-94. DOI: 10.1007/s11408-006-0040-4.

Contributions to Crowd Science (Peer Reviewed)

• Fišar, M., Greiner, B., Huber, C. Katok, E., Ozkes, A., & The Management Science Reproducibility Collaboration, 2024. Reproducibility in Management Science, Management Science 70(3), 1343-1356. [Note: Member of the Management Science Reproducibility Collaboration].

Monographs

• Gygax, A.F., 2010. Financial Markets, Investment Analysis and Trading in Primary and Secondary Markets, Chapter 27 in the Handbook of Trading, edited by Greg Gregoriou, McGraw-Hill, New York, 403-415.

Other Publications

• Chan, C.A., Wong, E., Nirmalathas, A., Gygax, A.F., Leckie, C., Kilper, D.C., 2012. Towards an energy rating system for telecommunications, Australian Telecommunications Journal 62(5), 77.1-10.

Conference Proceedings

• Yan, M., Guo, H., Xiong, R., Chan, C.A., Gygax, A.F., Wong, E., 2025. Deep graph reinforcement learning-enabled computation offloading for UAV-assisted vehicular edge computing networks. Proceedings of the 2025 IEEE Global Communications Conference (Globecom), 2132-2137.

• Chan, C.A., Hao, P., Gygax, A.F., Nirmalathas, A., 2020. Wireless charging of smartwear for health and safety monitoring system. Proceedings of the IEEE PELS Workshop on Emerging Technologies: Wireless Power 2020 (WoW), November 15-19, Seoul, South Korea.

• Chan, C.A., Yan, M., Gygax, A.F., Li, W., Li, L., I, C.-L., Yan, J., Leckie, C., 2019. Big data driven predictive caching at the wireless edge. Proceedings of the 2019 IEEE International Conference on Communications, Shanghai, China.

• Chen, J., Rajasegarar, S., Leckie, C., Gygax, A.F., 2016. Pedestrian behaviour analysis using the Microsoft Kinect. Proceedings of the 2016 IEEE International Conference on Pervasive Computing and Communication Workshops (PerCom Workshops), Sydney, NSW, Australia.

• Chan et al., 2013. Energy audit models for telecommunications networks and services. Proceedings of the Asia Communications and Photonics Conference, ACP.

• Chan et al., 2012. Energy rating for future telecom services: Motivation, methodologies and challenges. Proceedings of the Asia Communications and Photonics Conference, ACP. 

• Gygax, A.F., Hewer, S., Shekhar, C., 2010. Consortium deals and the market for LBOs. Proceedings of the 2010 FMA Annual Meeting, Financial Management Association International, October 18-20, New York, U.S.A.

• Koropp, C., D. Grichnik, D., Gygax, A.F., 2010. Succession financing in family firms. Frontiers of Entrepreneurship Research 2010, Proceedings of the Thirtieth Annual Entrepreneurship Research Conference sponsored by Babson College, IMD and École Polytechnique Fédérale de Lausanne (EPFL), Lausanne, edited by Zacharakis et al.', ISBN 0-910897-32-8. See also in Frontiers of Entrepreneurship Research: Vol. 30: Iss. 13, Article 4. Available at: http://digitalknowledge.babson.edu/fer/vol30/iss13/4

• Gygax, A.F., Henker, T., Liu, W., Loong, K.-W., 2009. Migration of trading and the introduction of single stock futures on the underlying US stocks. Proceedings of the 2009 FMA Annual Meeting, Financial Management Association International, October, Reno NV, U.S.A.

• Gygax, A.F., Lamba, A., Teo, E., Hinchliffe, S, 2008. The effects of business method patents on grantees and their industry rivals. 2008 FMA Annual Meeting, Financial Management Association International, October, Dallas TX, U.S.A.

• Sawyer, K.R., Gygax, A.F., 2006. Testing the arbitrage pricing condition of APT. Proceedings of the Center for Research in Securities Prices (CRSP) Forum, University of Chicago.

• Edward, F., Gygax, A.F., 2004. Attributes of small business and their role in obtaining equity. Proceedings of the 2004 Annual Meeting of the Academy of Entrepreneurial Finance. George Washington University, Washington D.C.

Working Papers

• Gygax, A.F., Hazledine, M., Martin, J.S., 2016. Are directors really irrelevant to capital structure choice? Available at SSRN: https://ssrn.com/abstract=2876221 [A summary of this paper was featured on the Harvard Law Forum on Corporate Governance and Financial Regulation.]

• Gygax, A.F., Hazledine, M., Martin, J.S., 2016. Are fat cats copycats? Evidence from director and consultant network dynamics. Available at SSRN: https://ssrn.com/abstract=2832531

Research Grants (External)

• Australia's Economic Accelerator (AEA) Ignition Grants Program Round 2, Australian Government, Department of Education (IG250200444: Intelligent Wireless Communications with Millimetre-wave Radio and AI-enabled Edge for Robotics in Advanced Manufacturing). Partner Organizations: Rockwell Automation and Visy Industries.

• Australia's Economic Accelerator (AEA) Seed Tranche 3, Australian Government, Department of Eduction (AE240300084: Converged architecture of millimetre-wave wireless communications and edge computing for transformation of advanced manufacturing environments). Partner Organization: Rockwell Automation.

• Department of Economic Development, Jobs, Transport and Resources, State Government of Victoria: Smart wearable system with wireless charging for monitoring staff health and productivity in difficult working environment (2017-2019). 

• Australian Research Council (ARC): Modeling Energy Efficiency of Next-Generation Networks. Linkage Grant LP150100600 (2015-2018). Partner Organization: Bell Labs (Alcatel-Lucent), 

Awards/Honors

• Victorian International Education Awards 2014 - Excellence in Innovation in Research Partnerships, sponsored by the State Government of Victoria, Melbourne, Australia, awarded to the Centre for Energy-Efficient Telecommunications, The University of Melbourne (of which I am a team member) 

• 2012 Business/Higher Education Round Table Award for Outstanding Achievement in Collaboration in Research & Development, sponsored by The Institute of Chartered Accountants in Australia, awarded to the Centre for Energy-Efficient Telecommunications, The University of Melbourne & Alcatel Lucent (of which I am a team member)

• Above and Beyond the Call of Duty (ABCD) Award (2009), Organization and Management Theory Division, Academy of Management

• FGF Best Entrepreneurship Research Newcomer Award, G-Forum 2009, 13th Annual Interdisciplinary Entrepreneurship Conference, Leipzig, Germany 

PhD Supervision

• Matthew Hazledine (Board Interlocking Network and Financial Decisions; completed February 2015), Sumitomo Mitsui Banking Corporation 

• Sam Henkel (Essays in International Macro Finance; completed August 2015), State Street, Boston (USA)

Journal Referee (Ad hoc)

Accounting and Finance; Australian Journal of Management; British Journal of Management; Financial Markets and Portfolio Management; Future Generation Computer Systems; IEEE Access; IEEE Communications Magazine; IEEE Internet of Things Journal; IEEE Transactions on Intelligent Transportation Systems; IEEE Transactions on Vehicular Technology; Journal of Banking and Finance; Journal of Cleaner Production; Journal of Economic Behavior and Organization; Journal of Financial and Quantitative Analysis (JFQA); Journal of Network and Computer Applications; Management & Organizational History; Quarterly Review of Economics and Finance; Renewable and Sustainable Energy Reviews; Review of Managerial Science; Small Business Economics; Social Networks

Citations

My research has been cited in the following social sciences journals: Accident Analysis & Prevention; Accounting & Finance; Accounting Review; Acta Sociologica; Applied Economic Letters; Asian Review of Accounting; Auditing: A Journal of Practice & Theory; Australian Accounting Review; Borsa Istanbul Review; British Accounting Review; British Journal of Management; Corporate Governance; China Journal of Accounting Research; Complexity; Economic Analysis and Policy; Economic Research; Emerging Markets Finance and Trade; Emerging Markets Review; European Accounting Review; Family Business Review; Financial Markets and Portfolio Management; Financial Review; International Entrepreneurship and Management Journal; International Journal of Accounting and Information Management; International Journal of Emerging Markets; International Review of Economics & Finance; International Review of Finance; International Review of Financial Analysis; Investment Management, Stewardship and Sustainability; Journal of Accounting & Economics; Journal of Applied Accounting Research; Journal of Banking & Finance; Journal of Business Finance & Accounting; Journal of Business Venturing; Journal of Corporate Finance; Journal of Business Research; Journal of Chinese Governance; Journal of Family Business Management; Journal of International Financial Markets, Institutions & Money; Journal of Management Studies; Journal of Small Business Management; Management Science; Managerial Auditing Journal; Managerial Finance; Review of Managerial Science; Review of Quantitative Finance and Accounting; Revue Française de Sociologie; Small Business Economics; Strategic Management Journal; Systems; Venture Capital; and Zeitschrift für Betriebswirtschaft.  

My research has been cited in the following science journals and handbooks: Ad Hoc Networks; Alexandria Engineering Journal; Artificial Intelligence Review; Bell Labs Technical Journal; CAAI Transactions on Intelligence Technology; China Communications; Circuit World; Cluster Computing - The Journal of Networks Software Tools and Applications; Color Research & Applications; Computer Communications; Computer Networks; Computers in Biology and Medicine; Electronics; Engineering Reports; Environment, Development and Sustainability; Environmental Impact Assessment Review; Environmental Innovation and Societal Transitions; Environments; Expert Systems with Applications; Future Generation Computer Systems; IEEE Access;  IEEE Circuits and Systems Magazine; IEEE Communications Magazine; IEEE Communications Surveys & Tutorials; IEEE Internet of Things Journal; IEEE Journal on Selected Areas in Communications; IEEE Journal on Selected Topics in Signal Processing; IEEE Open Journal of the Communications Society; IEEE Photonics Technology Letters; IEEE Sensors Journal; IEEE Transactions on Aerospace and Electronic Systems; IEEE Transactions on Automation Science and Engineering; IEEE Transactions on Cognitive Communications and Networking; IEEE Transactions on Consumer Electronics; IEEE Transactions on Engineering Management; IEEE Transactions on Green Communications and Networking; IEEE Transactions on Mobile Computing; IEEE Transaction on Multimedia; IEEE Transactions on Power Systems; IEEE Transactions on Network and Service Management; IEEE Transactions on Network Science and Engineering; IEEE Transactions on Parallel and Distributed Systems; IEEE Transactions on Power Systems; IEEE Transactions on Vehicular Technology; IEEE Transactions on Wireless Communications; IEEE Wireless Communications; Information Processing & Management; International Journal of Aeronautical and Space Sciences; International Journal of Electrical and Computer Engineering Systems; International Journal of Distributed Sensor Networks; International Journal of Hydrogen Energy; Journal of Industrial and Management Optimization; Internet of Things; Journal of Cleaner Production; Journal of Green Engineering; Journal of Lightwave Technology; Journal of Network and Computer Applications; Journal of Optical Communications and Networking; Journal of Parallel and Distributed Computing; Journal of Power Sources; Journal of Systems Architecture; Knowledge-Based Systems; Mobile Information Systems; Mobile Networks and Applications; Nano Energy; Optical Switching and Networking; Peer-to-Peer Networking and Applications; Physical Communication; PLOS One; Renewable & Sustainable Energy Reviews; Science of the Total Environment; Scientific Reports; Scientometrics; Sensors; Signal, Image and Video Processing; Smart and Sustainable Built Environment; Springer Handbook of Optical Networks; Sustainability; Technologies; Telecommunications Policy; Telecommunication Systems; and Wireless Personal Communications. 

Media Coverage

Internet

Discovery News (Discovery Channel, USA), Climate Wire (Environment & Energy Publishing LLC, USA), American Chemical Society Pressroom, ScienceDaily, phys.org, EurekAlert!, bigThink.com, redOrbit.com, Eco-Business, Acquire Media News Edge, Bianca Bosker (Executive Tech Editor Huffington Post), Silicon Valley Reporter, NewsNow.co.uk (UK), Nouvelle Europe (Belgium), Adverbum (France), Futura Sciences (France), Fortune FDEsouche (France), Asian News International, Yahoo! India, MSN India, IndiaVision, TopNews, National Affairs.

Newspapers

Corriere della Sera (Italy), Times of India, The Hindu.