Freedom Sounds

The use of credit scoring - the quantitative and statistical techniques to assess the credit risks involved in lending to consumers - has been one of the most successful if unsung applications of mathematics in business for the last fifty years. Now with lenders changing their objectives from minimising defaults to maximising profits, the saturation of the consumer credit market allowing borrowers to be more discriminating in their choice of which loans, mortgagesand credit cards to use, and the Basel Accord banking regulations raising the profile of credit scoring within banks there are a number of challenges that require new models that use credit scores as inputs and extensions of the ideas in credit scoring. This book reviews the current methodology andmeasures used in credit scoring and then looks at the models that can be used to address these new challenges. The first chapter describes what a credit score is and how a scorecard is built which gives credit scores and models how the score is used in the lending decision. The second chapter describes the different ways the quality of a scorecard can be measured and points out how some of these measure the discrimination of the score, some the probability prediction of the score, and some the categorical predictions that are made using the score.The remaining three chapters address how to use risk and response scoring to model the new problems in consumer lending. Chapter three looks at models that assist in deciding how to vary the loan terms made to different potential borrowers depending on their individual characteristics. Risk based pricing is the most common approach being introduced. Chapter four describes how one can use Markov chains and survival analysis to model the dynamics of a borrower's repayment and ordering behaviour .These models allow one to make decisions that maximise the profitability of the borrower to the lender and can be considered as part of a customer relationship management strategy. The last chapter looks at how the new banking regulations in the Basel Accord apply to consumer lending. It developsmodels that show how they will change the operating decisions used in consumer lending and how their need for stress testing requires the development of new models to assess the credit risk of portfolios of consumer loans rather than a models of the credit risks of individual loans.An insightful examination of the impact of the Civil Rights Movement and African Independence on jazz in the 1950s and 60s, Freedom Sounds traces the complex relationships among music, politics, aesthetics, and activism through the lens of the hot button racial and economic issues of the time. Ingrid Monson illustrates how the contentious and soul-searching debates in the Civil Rights, African Independence, and Black Power movements shaped aesthetic debatesand exerted a moral pressure on musicians to take action. Throughout, her arguments show how jazz musicians' quest for self-determination as artists and human beings also led to fascinating and far reaching musical explorations and a lasting ethos of social critique and transcendence.Across a broad body of issues of cultural and political relevance, Freedom Sounds considers the discursive, structural, and practical aspects of life in the jazz world in the 1950s and 1960s. In domestic politics, Monson explores the desegregation of the American Federation of Musicians, the politics of playing to segregated performance venues in the 1950s, the participation of jazz musicians in benefit concerts, and strategies of economic empowerment. Issues of transatlanticimportance such as the effects of anti-colonialism and African nationalism on the politics and aesthetics of the music are also examined, from Paul Robeson's interest in Africa, to the State Department jazz tours, to the interaction of jazz musicians such Art Blakey and Randy Weston with African and African diasporicaesthetics.Monson deftly explores musicians' aesthetic agency in synthesizing influential forms of musical expression from a multiplicity of stylistic and cultural influences-African American music, popular song, classical music, African diasporic aesthetics, and other world musics-through examples from cool jazz, hard bop, modal jazz, and the avant-garde. By considering the differences between aesthetic and socio-economic mobility, she presents a fresh interpretation of debates over cultural ownership,racism, reverse racism, and authenticity.Freedom Sounds will be avidly read by students and academics in musicology, ethnomusicology, anthropology, popular music, African American Studies, and African diasporic studies, as well as fans of jazz, hip hop, and African American music.