$W_\infty$ Algebras, Hawking Radiation and Information Retention by   Stringy Black Holes
  We have argued previously, based on the analysis of two-dimensional stringy black holes, that information in stringy versions of four-dimensional Schwarzschild black holes (whose singular regions are represented by appropriate Wess-Zumino-Witten models) is retained by quantum $W$-symmetries when the horizon area is not preserved due to Hawking radiation. It is key that the exactly-marginal conformal world-sheet operator representing a massless stringy particle interacting with the black hole requires a contribution from $W_\infty$ generators in its vertex function. The latter correspond to delocalised, non-propagating, string excitations that guarantee the transfer of information between the string black hole and external particles. When infalling matter crosses the horizon, these topological states are excited via a process: (Stringy black hole) + infalling matter $\rightarrow $ (Stringy black hole)$^\star$, where the black hole is viewed as a stringy state with a specific configuration of $W_\infty$ charges that are conserved. Hawking radiation is then the reverse process, with conservation of the $W_\infty$ charges retaining information. The Hawking radiation spectrum near the horizon of a Schwarzschild or Kerr black hole is specified by matrix elements of higher-order currents that form a phase-space $W_{1+\infty}$ algebra. We show that an appropriate gauging of this algebra preserves the horizon two-dimensional area classically, as expected because the latter is a conserved Noether charge. 
John Ellis, Nick E. Mavromatos, Dimitri V. Nanopoulos
hep-th gr-qc