We study the performance of investments made at different points of an investment cycle. We use a large data set …

We study the performance of investments made at different points of an investment cycle. We use a large data set …

Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large … investment ‘spikes’. We document that such spikes are important for understanding firm and aggregate level investment in the UK …. We show that annual variation in aggregate investment is driven by variation in the number of firms undertaking investment …