Cohomology of the Mumford Quotient

Let $X$ be a smooth projective variety acted on by a reductive group $G$. Let $L$ be a positive $G$-equivariant line bundle over $X$. We use the Witten deformation of the Dolbeault complex of $L$ to show, that the cohomology of the sheaf of holomorphic sections of the induced bundle on the Mumford quotient of $(X,L)$ is equal to the $G$-invariant part on the cohomology of the sheaf of holomorphic sections of $L$. This result, which was recently proven by C. Teleman by a completely different method, generalizes a theorem of Guillemin and Sternberg, which addressed the global sections. It also shows, that the Morse-type inequalities of Tian and Zhang for symplectic reduction are, in fact, equalities.