further learn managerial ability. As such, high ability managers signal their ability levels by engaging in turnover. The …

such communication is that it takes on one of two alternative forms when quality is exogenous: 1) disclosure of quality … general, these two literatures have ignored one-another. In this paper we argue that disclosure and signaling are two sides of … integration of these two alternatives leads to a number of new implications about disclosure, signaling, firm preferences over …