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We extend the literature on the impact of public performance reporting systems by considering new evidence from schools in New York City. Earlier studies found positive impacts of receiving F-grade ratings on subsequent school performance following the program’s first year. Using a regression discontinuity design, we confirm similar F-grade impacts in the last year that the summary letter grades were given to schools before the policy was amended. We then show that schools that would have received an F-grade the following year made no significant improvements, despite the fact that the city publicly provided otherwise nearly identical information about school performance. This evidence strongly suggests that accountability-induced improvements are at least partially driven by responses to summary assessments of performance.