Theory of the hourglass dispersion of magnetic excitations in high-T_c cuprates

A theory for the dispersion of collective magnetic excitations in superconducting cuprates is presented with the aim to cover both high and low doping regimes. Besides of spin fluctuations describable in the random phase approximation (RPA) we allow for local spin rotations within a mode-coupling theory. At low temperatures and moderately large correlation lengths we obtain two branches of excitations which disperse up- and downwards exhibiting the hourglass behavior observed experimentally at intermediate dopings. At large and small dopings our theory essentially reduces to the RPA and spin wave theory, respectively.