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This is pre-copy-editing, author-produced version of an article accepted for publication in Australian Journal of Management, following peer review. The definitive published version (see citation above) is located on the article abstract page of the publisher, Sage. This version was made available in the UWA Research Repository on the 5 th of November 2014, in compliance with the publisher's policies on archiving in institutional repositories. Use of the article is subject to copyright law.

This research tests United States industry equity indices returns in order to determine if terrorism has some industry‐specific effect. I use the event‐study approach applied to 135 industrial equity return series in assessing industry level reaction to 11 September, the Bali bombing and the Madrid bombing. The event study method used in this paper is adjusted for GARCH effects. The results show that industries react unevenly to terrorism. Following 11 September, airline, hotel and leisure industries exhibit negative abnormal returns while water, defence and telecom experienced positive returns. There was little impact on the US industry equity returns with the Bali and the Madrid attacks, suggesting that US industries were only moderately sensitive to these attacks.

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The importance of managed fund governance structures has become apparent in recent years. Looking at the Australian not-for-profit pension funds, we find correlations between funds' internal governance structures and their level of costs. Larger boards are linked to higher investment management fees and expenses, operating expenses and trustee and audit fees. We also find a positive relation between the proportion of independent trustees and investment management fees and expenses and operating expenses. These fund costs increase as the number of board committees and fund size increase. Finally, we observe that the presence of board committees affects different types of fund costs. Overall, these findings suggest that the conventional good governance practices do not benefit superannuation fund members in terms of cost reduction. We find no evidence of economies of scale in cost minimisation, since the relation between fund size and costs is mixed across various governance variables.