A geometric construction for invariant jet differentials

Motivated by Demailly's strategy towards the Kobayashi hyperbolicity conjecture, we study the action on the k-jets of germs of holomorphic discs in a complex manifold X of the reparametrization group of k-jets of germs of biholomorphisms of the source. This reparametrization group is a subgroup of the general linear group GL(k) which is not reductive, but nonetheless we show that its invariants for any linear action which extends to GL(k) form a finitely generated algebra, and give a new geometric description of the Demailly-Semple algebra of invariant jet differentials.