Paper owes its stropping powers to its kaolin content. To skip the more esoteric chemistry, this is the main ingredient in china and some types of ceramics. It is also a major filler in the manufacture of paper. Glossy-finished papers and writing papers are, in addition, coated with a fine layer of clay and binder. Kaolin is highly abrasive, but not hard enough, if I remember correctly, to do much with HSS. On softer metals, its abrasive effect is pronounced. Particle size of the kaolin used in paper coatings is below .2 microns. Writing paper and other coated papers are, essentially, pre-loaded strops.
I spent 20 years working in the kaolin mining/refining industry. It was a great place to practice my hand sharpening; you couldn't keep an edge on a work knife. Imagine working in a blizzard, only the snow isn't frozen water; it's micron-sized particles of air-borne kaolin. Take a piece of chalk and grind it to dust-same thing. Permeated and/or coated everything (including your lungs-white lung is as deadly as black lung). Everything you have to cut comes with its own supply of abrasive: rope(miles of it, for every conceivable use), quarter-inch cardboard pallets(layered and glued), chemical bags, etc, etc. I'm rambling. I got tired of fighting contrary plumbing and took a typing break. Anyway, if you can piece together some part of this to make sense, it should explain why paper-stropping works on many steels above and beyond tidying up of stray bits of edge left dangling by sharpening. It should also explain why paper products (especially King Kardboard) will dull your blade faster than it seems logical. I'll bet Martin knows all about this.
Okay. Coffee's gone. Where'd I leave that *#!!# wrench?