Flow equivalence of graph algebras

This paper explores the effect of various graphical constructions upon the associated graph $C^*$-algebras. The graphical constructions in question arise naturally in the study of flow equivalence for topological Markov chains. We prove that out-splittings give rise to isomorphic graph algebras, and in-splittings give rise to strongly Morita equivalent $C^*$-algebras. We generalise the notion of a delay as defined by Drinen to form in-delays and out-delays. We prove that these constructions give rise to Morita equivalent graph $C^*$-algebras. We provide examples which suggest that our results are the most general possible in the setting of the $C^*$-algebras of arbitrary directed graphs.