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Prior to the Tax Reform Act of 1986~TRA '86!, long-term capital gains were taxed at a lower rate than short-term gains, presenting investors with an opportunity to increase their after-tax return by delaying the sale of appreciated assets until after they qualified for long-term status and selling depreciated assets prior to long-term qualification. Using a sample of Initial Public Offerings, I find that stocks that appreciated prior to long-term qualification exhibit increased volume and decreased returns just after their qualification date, while stocks that depreciated prior to long-term qualification exhibit these effects just prior to their qualification date.

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Concerns about bias and disparity in case dispositions-despite inconclusive evidence-have recently spurred interactionist research into the organizational processes and functionaries of juvenile justice. This article reports a study of the role of the juvenile probation officer (JPO) in affecting dispositions, in which the effects of extralegal factors were systematically tested. In one juvenile probation department in the southwestern U.S., 87 JPOs each completed a survey and recommended three dispositions for the case of a juvenile delinquent. The results indicate that the JPOs' background characteristics, organizational situations, and attitudes toward delinquency were crucial variables explaining dispositional disparity. The authors posit that the "IPO factor" can produce treatment differences sufficient to undermine the rehabilitative ideal and confound studies of judicial bias, and suggest that understanding the systematic nature of this factor might facilitate needed reform.