Recently, Maldacena proposed that the large N limit of the N = 4 super
symmetric gauge theory in four dimensions with U(N) gauge group is dua
l to the type IIB superstring theory on AdS(5) x S-5. We use this prop
osal to study the spectrum of the large N gauge theory on IR x S-3 in
a low energy regime. We find that the spectrum is discrete and evenly
spaced, and the number of states at each energy level is smaller than
the one predicted by the naive extrapolation of the Bekenstein-Hawking
formula to the low energy regime. We also show that the gauge theory
describes a region of spacetime behind the horizon as well as the regi
on in front.