Orientalism and Imperialism in French West Africa. Considerations on travel literature, colonial tourism, and the desert as a “commodity” in Mauritania

In this article we intend to make a summary overview of the influence that literary production, originated under colonial mapping missions or later in travel writing, had in the construction and establishment of a discourse to advertise and promote tourism in Mauritania. To this end we will draw on travel narratives that are illustrative of different periods and that correspond in some way to discourses of otherness. In this specific case, such discourses relate to the “Moors” of the West African coast and were produced in various historical contexts. We will also consider the discourse present in the tourism promotion materials of the colonial period and we will demonstrate to what extent it can be engaged in a dialogue with 19th and 20th centuries’ Western colonial literature.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.