We study how coincident Dirichlet 3-branes absorb incident gravitons polarized along their world volume. We show that the absorption cross-section is determined by the central term in the correlator of two stress-energy tensors. The existence of a non-renormalization theorem for this central charge in four-dimensional N=4 supersymmetric Yang-Mills theories shows that the leading term at low energies in the absorption cross-section is not renormalized. This guarantees that the agreement of the cross-section with semiclassical supergravity, found in earlier work, survives all loop corrections. The connection between absorption of gravitons polarized along the brane and Schwinger terms in the stress-energy correlators of the world volume theory holds in general. We explore this connection to deduce some properties of the stress-energy tensor OPE's for 2-branes and 5-branes in 11 dimensions, as well as for 5-branes in 10 dimensions.