Measurements of jet, prompt photon, high−pT hadron and heavy quark production in photon-induced processes provide tests of QCD and are sensitive to the photon parton densities. A review of the latest experimental results in γγ and γp interactions is presented. Next-to-leading-order QCD calculations for these measurements are discussed. * Supported by an EC fellowship number ERBFMBICT 972523. † Invited talk at the International Conference on the Structure and Interactions of the Photon (PHOTON 99), Freiburg im Breisgau, Germany, May 23 rd − 27 th , 1999.1 The variable y is the fraction of the electron energy taken by the photon.