Abstract: Company accounts provide a rich data source for the analysis of many economic issues. However, accounting conventions are often at variance with the most relevant procedures for economic analysis. This paper discusses three such problems: the measurement of profit, the valuation of the capital stock and the size of tax payments. It also provides an example of the use to which corrected company accounting data can be put, namely the estimation of a model of company investment.

Abstract: El objetivo de este trabajo es aportar una evidencia empirica de los efectos del sistema de pensiones de la Seguridad Social sobre la oferta de trabajo, a traves de la estimacion de una funcion de oferta para la economia espanola en el periodo 1964-84. El efecto final esperado, desde el punto de vista teorico, es indeterminado y dependera en gran medida de la relacion existente entre las cuotas pagadas y los beneficios que se recibiran en un futuro. Nuestros resultados confirman que las expectativas de pensiones tienen un efecto positivo, aunque reducido sobre la oferta de trabajo.

Abstract: This article presents a synthesis of the methods that are available for the econometric analvsis of panel data in a unified framework. In particular, we analyse the form in whi~h the properties of the various estimators depend on the assumptiollS abour explanatory variables, permanent unobservable effects and disturbance terms. Firstly we study both static and dynamic linear models with individual effects. Subsequently the an~lysis is extended to limited dependent variable models with individual effects and dynamic responses. Recepción del original, octubre de 1989 Versión final, diciembre de 1989