We study how the qualitative tax information disclosure affects firm behavior. We create a novel measure of qualitative tax disclosure using machine learning algorithms. Using a UK reform as an exogenous shock that affected a group of firms, we show causal effects of mandating disclosure of...

Restrictions on certifiers' fee structures are irrelevant for maximizing their profits and trade efficiency, and for the implementability of (monotone) distributions of rents. The irrelevance results exploit that certification schemes involve two substitutable dimensions-the fee structure and...