@Chris75: thanks for the answer. I don't think I'd consider dither an effect. It is a method used to reduce distortion when digital samples are requantized. From Wikipedia:
I'm still wondering if WavePad applies it or not.
I have a file recorded at 96/24 and saved in lossless (FLAC) form. I am saving a copy as 44.1/16. When I do that, does WavePad apply dither when the word length is shortened?