Using improved theoretical calculations of the decay form factors in the
Light Cone-QCD sum rule approach, we investigate the decay rates, dilepton
invariant mass spectra and the forward-backward (FB) asymmetry in the decays B→(K,K∗)ℓ+ℓ− (ℓ±=e±,μ±,τ±) in the standard
model (SM) and a number of popular variants of the supersymmetric (SUSY)
models. Theoretical precision on the differential decay rates and FB-asymmetry
is estimated in these theories taking into account various parametric
uncertainties. We show that existing data on B→Xsγ and the
experimental upper limit on the branching ratio B(B→K∗μ+μ−) provide interesting bounds on the coefficients of the underlying
effective theory. We argue that the FB-asymmetry in B→K∗ℓ+ℓ−
constitutes a precision test of the SM and its measurement in forthcoming
experiments may reveal new physics. In particular, the presently allowed
large-tanβ solutions in SUGRA models, as well as more general
flavor-violating SUSY models, yield FB-asymmetries which are characteristically
different from the corresponding ones in the SM.Comment: 36 pages, 12 figures (require epsfig.sty), 8 Tables, LaTeX2e;
subsection 6.4 corrected, minor changes in numerical results, Figures 3 and 9
to 12 modified; submitted to Physical Review