This document summarizes a study on the relationship between fund performance, liquidity, and outflows for Taiwanese mutual funds. The study examines how outflows from open-end equity mutual funds are impacted by past performance and liquidity. Specifically, it investigates whether illiquid funds experience more outflows than liquid funds following poor performance. The methodology section outlines that the study will use regression analysis of Taiwan Economic Journal database information on fund size, age, expenses, returns, flows, and liquidity classifications from 1991 to 2011 to analyze this relationship.

1. Presenter ： Chia-Yi Abi Lin Instructor ： Dr. Pi-Ying Teresa Hsu Date ： June 01, 2011

2. Methodology 3 - Participants - Procedures - Instruments - Statistical Analysis Contents Literature Review 2 - Flows - Research Gap - Purposes of the study - Research Question - Background Introduction 1

3. - Background Introduction

4. purchases inflows redemptions outflows Flows Mutual Funds Open-end equity

5. Literature Review - Flows - Research Gap - Purposes of the study - Research Question

8. Flows-Size The size of previous-period market has a strong influence on fund’s flows . (Roston, 1996)

10. Research Gap No providing empirical evidence of differentiating the high and low of flows Few studies have focused on using Taiwanese data from Taiwan Economic Journal (TEJ) database.

13. Methodology - Participants - Procedures - Instruments - Statistical Analysis

14. Taiwan Economic Journal (TEJ) database Participants Open-end equity mutual funds Stock funds (at least 70%)

16. Regression analysis Statistical Analysis Sample Control Variables Instrument Database

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18. A Q &