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 ?