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PageRank is defined as the stationary state of a Markov chain. The chain is obtained by perturbing the transition matrix induced by a web graph with a damping factor α that spreads uniformly part of the rank. The choice of α is eminently empirical, and in most cases the original suggestion α = 0.85 by Brin and Page is still used. Recently, however, the behaviour of PageRank with respect to changes in α was discovered to be useful in link-spam detection[21]. Moreover, an analytical justification of the value chosen for α is still missing. In this paper, we give the first mathematical analysis of PageRank when α changes. In particular, we show that, contrarily to popular belief, for real-world graphs values of α close to 1 do not give a more meaningful ranking. Then, we give closed-form formulae for PageRank derivatives of any order, and an extension of the Power Method that approximates them with convergence O (t^k α^t …