Coronae of hot electrons are ubiquitous features in models of the inne
r regions of accreting black holes and nonmagnetic neutron stars. The
scattering optical depth of these coronae inferred from observations i
s often tau similar to 3, so the energy spectrum of the disk in these
regions is likely masked by the spectrum of upscattered photons in the
corona and some of the disk properties are thus obscured. Observation
s of the dependence on Fourier frequency of phase or time lags between
photons of different energies provide a window onto the disk not avai
lable with the energy spectrum. In our picture, the disk emission is m
odeled as a photon source injected into a Comptonizing corona; Compton
ization may also occur in the disk, but for our purposes the disk emis
sion is simply an input to the corona. We show that, contrary to some
claims, the functional dependence of lag on Fourier frequency emerges
intact from transit through the corona, module a multiplicative factor
(which may in principle be negative, so that a phase lag can be chang
ed to a phase lead), even if the properties of the corona vary with ti
me. We also show that any frequency dependence of the lag due to varia
tion in the corona itself is only second order in the amplitude of the
variation, and cannot exceed the transit time similar to ms of the co
rona; thus, the lags of up to 0.1 s seen in several black hole candida
tes come from lags in the emission from the disk. Finally, we predict
that plots of the time lag versus Fourier frequency in black hole cand
idates should have a ''shelf'' of constant lag equal to the coronal la
g (similar to 1 ms), with the constant being proportional to ln (E(2)/
E(1)) for the lag between energies E(2) and E(1). The lack of such a s
helf in current observations of several galactic black hole candidates
constrains the radii of the coronae to be R less than or equal to 10(
8) tau cm.