Abstract
The framework of the paper is that of the full Fock space ${\Cal F}^2({\Cal H}_n)$ and the Banach algebra which can be viewed as non-commutative analogues of the Hardy spaces and respectively. An inner-outer factorization for any element in ${\Cal F}^2({\Cal H}_n)$ as well as characterization of invertible elements in are obtained. We also give a complete characterization of invariant subspaces for the left creation operators of ${\Cal F}^2({\Cal H}_n)$. This enables us to show that every weakly (strongly) closed unital subalgebra of is reflexive, extending in this way the classical result of Sarason [S]. Some properties of inner and outer functions and many examples are also considered.
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