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In order to backtest a VaR using the independence test of Christoffersen (1998) I calculate the following likelihood ratio (LR):

enter image description here

My problem is that I land on a negative LR and:

  1. I don't know why this is the case?
  2. If this is correct, how should I interpret this? There is no negative critical value in the Chi-square table

The excel file containing all the step by step calculations and explanations is attached here:

https://easyupload.io/pmtlll

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