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I am slightly confused with this:

I have calculated the Chi square for the number of funds and the methods description tells me that if the values I have calculated are greater than 3.84 (6.64) that indicates the persistence at 5% (1%) confidence level.

What I have done next is:

I have used an excel formula to count the number of values >3.84 but <6.64 and then counted number of values that are >6.64.

So e.g. between the 3.84-6.64 I have 22 values but >6.64 I have 120 values.

My main question:

Is my counting correct? Shouldn't I rather calculate the number of values >3.84 for 5% [what in effect means 22+120) and report it as 142, and then report values >6.64 at 120 ?

Thank you

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    $\begingroup$ In my opinion the second method is right: you have 142 cases that are significant at the 5% level. The number drops to 120 under the stricter criterion of 1% significance. $\endgroup$ – noob2 Jan 27 at 0:33
  • $\begingroup$ Hi @noob2 I thought the same. To be honest the previous literature always reported much higher numbers for 5%. Thus I was under the impression that perhaps my reflection of the results is erroneous in a way [or confusing]. $\endgroup$ – TomK Jan 27 at 0:36

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