Outer preserving linear operators

A natural question about linear operators on the Hilbert–Hardy space is answered, motivated by work in geophysical imaging. Namely, which bounded linear operators on the Hardy space preserve the set of all shifted outer functions? A complete characterization is determined, which allows an explicit construction of all such operators. Every operator that preserves the set of shifted outer functions is necessarily a product-composition operator, consisting of composition with a shifted outer function followed by multiplication with a (possibly different) shifted outer function. Such operators represent important physical processes, including the propagation of seismic wave energy through the earth. Applications to seismic imaging are briefly discussed.