Rare exclusive semileptonic b -> s transitions in the Standard Model

We study long-distance effects in rare exclusive semileptonic decays B -> (K, K*) (l+ l-, nu bar{nu}) and analyze dilepton spectra and asymmetries within the framework of the Standard Model. The form factors, describing the meson transition amplitudes of the effective Hamiltonian are calculated within the lattice-constrained dispersion quark model: the form factors are given by dispersion representations through the wave functions of the initial and final mesons, and these wave functions are chosen such that the B -> K* transition form factors agree with the lattice results at large q**2. We calculate branching ratios of semileptonic B -> K, K* transition modes and study the sensitivity of observables to the long-distance contributions. The shape of the forward-backward asymmetry and the longitudinal lepton polarization asymmetry are found to be independent of the long-distance effects and mainly determined by the values of the Wilson coefficients in the Standard Model.