This document summarizes a study on the relationship between fund performance, flows, and liquidity/illiquidity for Taiwanese open-end equity mutual funds from 1991 to 2011. Prior research found performance positively impacts flows and younger/smaller/less expensive funds have higher sensitivity to returns. However, few studies examined whether illiquid funds experience more outflows than liquid funds during periods of poor performance. The presented study analyzes Taiwan Economic Journal database fund data to investigate if illiquid funds have more outflows than liquid funds when performance is low, using regression analysis while controlling for size, age, and expenses.