  We study Fermi edge singularities in photo-absorption spectra of generic
mesoscopic systems such as quantum dots or nanoparticles. We predict deviations
from macroscopic-metallic behavior and propose experimental setups for the
observation of these effects. The theory is based on the model of a localized,
or rank one, perturbation caused by the (core) hole left behind after the
photo-excitation of an electron into the conduction band. The photo-absorption
spectra result from the competition between two many-body responses, Anderson's
orthogonality catastrophe and the Mahan-Nozieres-DeDominicis contribution. Both
mechanisms depend on the system size through the number of particles and, more
importantly, fluctuations produced by the coherence characteristic of
mesoscopic samples. The latter lead to a modification of the dipole matrix
element and trigger one of our key results: a rounded K-edge typically found in
metals will turn into a (slightly) peaked edge on average in the mesoscopic
regime. We consider in detail the effect of the "bound state" produced by the
core hole.
