  Based on exact diagonalization and variational cluster approximation
calculations we study the relationship between charge transfer models and the
corresponding single band Hubbard models. We present an explanation for the
waterfall phenomenon observed in angle resolved photoemission spectroscopy
(ARPES) on cuprate superconductors. The phenomenon is due to the destructive
interference between the phases of the O2p orbitals belonging to a given
Zhang-Rice singlet and the Bloch phases of the photohole which occurs in
certain regions of k-space. It therefore may be viewed as a direct experimental
visualisation of the Zhang-Rice construction of an effective single band model
for the CuO2 plane.
