explanation for this puzzle, using a two-stage-signaling model. Signaling can occur over time both in high school and college. We … show that main signaling stage may be high school or college, and that students work harder in the main signaling stage. We … also find that the main signaling is more likely to occur in high school if human networking is important for job …

Signaling, in regard to its role of information transmission, has been well understood by existing literature, but its …-investment and subsequent costly signaling to reconsider the social value of signaling. We ?nd that signaling can become socially … bene?cial with pre-investment, and study the socially optimal signaling of separating and pooling. We also identify …