Deformation spaces of one-dimensional formal modules and their cohomology

Let Mm be the formal scheme which represents the functor of deformations of a one-dimensional formal module over equipped with a level-m-structure. By work of Boyer (in equal characteristic) and Harris and Taylor, the ?-adic étale cohomology of the generic fibre Mm of Mm realizes simultaneously the local Langlands and Jacquet-Langlands correspondences. The proofs given so far use Drinfeld modular varieties or Shimura varieties to derive this local result. In this paper we show without the use of global moduli spaces that the Jacquet-Langlands correspondence is realized by the Euler-Poincaré characteristic of the cohomology. Under a certain finiteness assumption on the cohomology groups, it is shown that the correspondence is realized in only one degree. One main ingredient of the proof consists in analyzing the boundary of the deformation spaces and in studying larger spaces which can be considered as compactifications of the spaces Mm.