Sub countpanel()
    ' Count number of time series in each panel unit
    ' Foe example, the entries are as follows in rows
    ' 113
    ' 113
    ' 115
    ' 115
    ' 115
    ' 115
    ' 123
    
    ' From this entries, This macro makes
    ' 113 2
    ' 115 4
    ' 123 1
    
       
        
    Dim iRowt As Long
'Row number for the top of the selected region

    Dim iColl As Long
'Column number for the far-left of the selected region

    Dim iRowb As Long
'Row number for the bottom of the selected region


    Dim iColr As Long
'Column number for the far-right of the selected region
'We do not use iColr in this macro

    Dim i As Integer
'For Row index

    Dim j As Integer
'For counting observations


    Dim myRng As Range


Set myRng = Selection

    With myRng
        iRowt = .Row
        iColt = .Column
        iRowb = .Rows.Count
        iColr = .Columns.Count
    End With

'Caclulate the address of bottom row and far-right column of the selected area
    iRowb = iRowt + iRowb - 1
    iColr = iColt + iColr - 1

    j = 0
    ' Starting value for counting each classification: 113, etc
    ' Obviously, start from zero
    
    k = iRowt + 1
    ' k is the first row for the list.  Can be any integer.
    ' Here I started from the row number of original entry
    ' Since the first row is the "index" of the daa, I start from iRows + 1
    
    
For i = iRowt + 1 To iRowb
    
        Firm_index = Cells(i, iColt).Value
        Firm_index1 = Cells(i + 1, iColt).Value
        
        ' obtaining the number (firm index) in each cell
        
            If Firm_index1 <> "" And Firm_index1 = Firm_index Then
' The first part orders: Stop the macro if the entry in cell (i, iColt) is empty.
                j = j + 1
                ' counting the observations in each firm index
                
            ElseIf Firm_index1 <> Firm_index Then
                j = j + 1
                Sheets("number").Cells(k, iColt) = Firm_index
                Sheets("number").Cells(k, iColt + 1) = j ' number of observation
                k = k + 1
                j = 0
                
            End If
           
 Next i
 
    Sheets("number").Cells(iRowt, iColt) = Cells(iRowt, iColt)
    ' Copy the index of data.
    Sheets("number").Cells(iRowt, iColt + 1) = "Number of Observations"


    Sheets("number").Activate
End Sub