We apply Takesaki’s and Connes’s ideas on structure analysis for type III factors to the study of links (a short term of Markov kernels) appearing in asymptotic representation theory.

We show that the Hilbert bimodule associated with a compact topological graph can be recovered from the $C^*$-algebraic triple consisting of the Toeplitz algebra of the graph, its gauge action and the commutative subalgebra of functions on the vertex space of the graph. We discuss connections with work of Davidson–Katsoulis and of Davidson–Roydor on local conjugacy of topological graphs and isomorphism of their tensor algebras. In particular, we give a direct proof that a compact topological graph can be recovered up to local conjugacy from its Hilbert bimodule, and present an example of nonisomorphic locally conjugate compact topological graphs with isomorphic Hilbert bimodules. We also give an elementary proof that for compact topological graphs with totally disconnected vertex space the notions of local conjugacy, Hilbert bimodule isomorphism, isomorphism of $C^*$-algebraic triples, and isomorphism all coincide.

We show how to reconstruct a finite directed graph E from its Toeplitz algebra, its gauge action, and the canonical finite-dimensional abelian subalgebra generated by the vertex projections. We also show that if E has no sinks, then we can recover E from its Toeplitz algebra and the generalized gauge action that has, for each vertex, an independent copy of the circle acting on the generators corresponding to edges emanating from that vertex. We show by example that it is not possible to recover E from its Toeplitz algebra and gauge action alone.

This paper presents, by example, an index theory appropriate to algebras without trace. Whilst we work exclusively with Cuntz algebras the exposition is designed to indicate how to develop a general theory. Our main result is an index theorem (formulated in terms of spectral flow) using a twisted cyclic cocycle where the twisting comes from the modular automorphism group for the canonical gauge action on each Cuntz algebra. We introduce a modified K1-group for each Cuntz algebra which has an index pairing with this twisted cocycle. This index pairing for Cuntz algebras has an interpretation in terms of Araki's notion of relative entropy.