The superconformal group of N = 4 super-Yang-Mills has two types of operato
r representations: short and long. We conjecture that operator product expa
nsions for which at least two of the three operators are short exactly resp
ect a bonus U(1)(Y) R-symmetry, which acts as an automorphism of the superc
onformal group. This conjecture is for arbitrary gauge group G and gauge co
upling g(YM). A consequence is that n less than or equal to 4-point functio
ns involving only short operators exactly respect the U(1)(Y) symmetry, as
has been previously conjectured based on AdS duality. This, in turn, would
imply that all n less than or equal to 3-point functions involving only sho
rt operators are not renormalized, as has also been previously conjectured
and subjected to perturbative checks. It is argued that instantons are comp
atible with our conjecture. Some perturbative checks of the conjecture are
presented and SL(2, Z) modular transformation properties are discussed. (C)
1999 Elsevier Science B.V. All rights reserved.