We study the production of isolated photons in e+e− annihilation and give
the proof of the all-order factorization of the collinear singularities. These
singularities are absorbed in the standard fragmentation functions of partons
into a photon, while the effects of the isolation are consistently included in
the short-distance cross section. We compute this cross section at order \as
and show that it contains large double logarithms of the isolation parameters.
We explain the physical origin of these logarithms and discuss the possibility
to resum them to all orders in \as.Comment: 18 pages, LaTex, 2 eps figures, few modifications in the text,
results unchange