A tribute to excellence

January 2009

When Andrew and Fiona Cochrane wanted to celebrate the legacy of their late father, distinguished economist Donald Cochrane, they turned to Monash University.

The siblings created a prestigious scholarship to honour Emeritus Professor Donald Cochrane CBE (HonDEc 1982), the founding Dean of the Faculty of Economics and Politics (now Business and Economics) at Monash University. Each year the scholarship provides opportunities for several outstanding PhD students.

Professor Cochrane played a significant role in the development of the Faculty and the University, serving from 1961 to 1981. He passed away in 1983.

“Fiona and I thought that a Monash scholarship would be a suitable way to honour our father who had been so involved at Monash University in its early days,” said Dr Andrew Cochrane.

“We were keen to both commemorate his work and name, and to provide financial support for students to pursue higher research,” he said.

Under Professor Cochrane’s guidance, Monash University grew to be recognised as a leading centre of economics research and teaching. Professor Cochrane’s contribution was recognised with a CBE in 1975. In 1982, Monash University conferred Professor Cochrane with its very first honorary Doctor of Economics degree.

The Donald Cochrane Postgraduate Research Scholarship commemorates his inspirational scholarly excellence, and is one of the most sought-after scholarships available at Monash.

Through the Trustees of the Cochrane-Schofield Charitable Fund, the Cochrane family has given a generous $60,000 per year towards the scholarship. Thanks to their support, each year the scholarship is awarded to two talented PhD students within the Faculty of Business and Economics.

The Cochranes hope that the scholarship will encourage students to address some of the world’s current economic challenges.

“We would like to see some of the recipients addressing important economic issues related to growth and development in poorer countries, the environment, health systems, and equity,” said Dr Fiona Cochrane (MBBS(Hons) 1980).

The current scholarship recipients are certainly fulfilling this aim with the research work of Kristian Rotaru and Jason Ng having applications that could help hospital patients.

Inaugural Donald Cochrane scholarship recipient Kristian Rotaru is investigating operational risk and believes his work will be helpful to organisations including banks, chemical plants and hospital emergency departments.

Mr Rotaru, who is in the later stages of his thesis, is honoured to have been selected as the scholarship’s first beneficiary in 2006.

“When I heard that I would receive the Donald Cochrane PhD Scholarship, it was an explosion of all sorts of emotions: surprise; joy; warm gratitude; and also a feeling of deep satisfaction that my research achievements were recognised so highly,” Mr Rotaru said.

“I was truly honoured to be awarded the scholarship that commemorates the achievements of Professor Donald Cochrane as an academic and Foundation Dean of the Faculty of Economics and Politics.”

Jason Ng (BCom(Hons) 2007), a 2008 scholarship recipient, is part-way through his thesis that looks at data arising from complex, time-dependent sources. Mr Ng hopes his research will improve financial market analysis data. It could also help health service planners to forecast accident and hospital admissions.

Mr Ng is extremely grateful to have received the scholarship, particularly because it allows him to study without having to work part-time to support himself.

“Honestly, I was shocked to find out that I had been awarded the Donald Cochrane PhD Scholarship as it is a very prestigious scholarship … [The scholarship] is definitely a positive step forward in encouraging students to pursue a higher degree in research,” Mr Ng said.

“This scholarship has enabled me to be financially independent. In a world of increasing economic and financial uncertainty, this scholarship has made my financial situation the least of my (and my parents’) worries.”

Your role in supporting excellence

Monash University has launched an appeal to create a third scholarship in memory of Professor Cochrane. Your support will help sustain Donald Cochrane’s legacy, while helping exceptional students to pursue innovative research. To donate to the Donald Cochrane Postgraduate Research Scholarship visit www.monash.edu/giving/cochrane

Through philanthropy, Monash University is able to offer undergraduate and postgraduate scholarships in all faculties. To donate today, visit www.monash.edu/giving and select one of our ten faculties.