Perturbative QCD study on the photonic penguin contributions to the   decay $B\to K^* \gamma$
  Including corrections of order $O(m_{K^*}/m_B)$, we present an analysis of photonic penguin contributions to the decay $B\to K^* \gamma$ in the perturbative QCD framework. Employing several models of the meson wave functions, we demonstrate that the corrections of $O(m_{K^*}/m_B)$ are enhanced and will providesubstantial contributions to the decay because of the B meson wave function being sharply peaked (bound state effect). The numerical predictions for the corrections are about $30%\sim 60%$ which depend on the non-perturbative inputs such as the meson wave functions and the $b$-quark mass. 
Fuguang Cao (ITP) and T. Huang (BIHEP)