As a part of the Learning and Education Achievement in Punjab Schools Project (LEAPS), a randomized controlled trial evaluated the impact of distributing report cards on changes in students' test scores, school fees, and enrollment in markets with both public and private schools in Pakistan. The trial took place in 112 villages, each representing a "closed market," which included more than 800 public and private primary schools. The project tested grade 3 students annually in English, Mathematics, and Urdu and provided report cards to half of the villages. There was a significant increase in test scores for the average student, decrease in private school fees by 20 percent, and increase in school enrollment by 5 percent. The results suggest the report cards helped improve market efficiency by allowing for more information and better comparisons across education providers.