We study real Smirnov functions and investigate a certain ∗-closed subalgebra of the Smirnov class N+ containing them. Motivated by a result of Aleksandrov, we provide an explicit representation for the space Hp ∩ Hp. This leads to a natural analog of the Riesz projection on a certain quotient space of Lp for p ∈ (0, 1). We also study a Herglotz-like integral transform for singular measures on ...