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Published online by Cambridge University Press: 01 March 1998
This paper relates cyclic cohomology, as obtained from traces with suitable domains on free product algebras, to the construction, by using the quantum stochastic calculus of Hudson and Parthasarathy, of quantum (stochastic) flows. As an application of the methods of the present article, we show how the characters of finitely summable Fredholm modules, as constructed by Connes, can be recovered from quantum flows in both the specialisation to the pure gauge and to the Brownian case. We also relate the regularized trace of Connes, used in the construction of these characters, to Lindblad generators.