We study perturbative and instanton corrections to the Operator Product Exp
ansion of the lowest weight Chiral Primary Operators of N = 4 SYM4. We conf
irm the recently observed nonrenormalization of various operators (notably
of the double-trace operator with dimension 4 in the 20 irrep of SU(4)), th
at appear to be unprotected by unitarity restrictions. We demonstrate the s
plitting of the free-field theory stress tenser and R-symmetry current in s
upermultiplets acquiring different anomalous dimensions in perturbation the
ory and argue that certain double-trace operators also undergo a perturbati
ve splitting into operators dual to string and two-particle gravity states,
respectively. The instanton contributions affect only those double-tract o
perators that acquire finite anomalous dimensions at strong coupling. For t
he leading operators of this kind, we show that the ratio of their anomalou
s dimensions at strong coupling to the anomalous dimensions due to instanto
ns is the same number. (C) 2001 Published by Elsevier Science B.V.