Conditional performance evaluation and the relevance of money flows for Australian international equity funds

This paper assesses the importance of fund flows in the performance evaluation of Australian international equity funds. Two concepts of fund flows are considered in the context of a conditional asset pricing model. The first measure is net fund flow relative to fund size and the second is net fund flow relative to sector flows. We find that incorporating a fund flow measure relative to the sector flow results in a reduction of measured perverse market timing. The results indicate that, at the individual fund level, cash flows are relevant in assessing management outcomes.

Formalising progress properties of non-blocking programs

A non-blocking program is one that uses non-blocking primitives, such as load-linked/store-conditional and compare-and-swap, for synchronisation instead of locks so that no process is ever blocked. According to their progress properties, non-blocking programs may be classified as wait-free, lock-free or obstruction-free. However, a precise description of these properties does not exist and it is not unusual to find a definition that is ambiguous or even incorrect. We present a formal definition of the progress properties so that any confusion is removed. The formalisation also allows one to prove the widely believed presumption that wait-freedom is a special case of lock-freedom, which in turn is a special case of obstruction-freedom.