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Heavy quark and quarkonium production at CERN LEP2: k_T-factorization versus data

We present calculations of heavy quark and quarkonium production at CERN LEP2 in the k_T-factorization QCD approach. Both direct and resolved photon contribution are taken into account. The conservative error analisys is performed. The unintegrated gluon distribution in the photon is taken from the full CCFM evolution equation. The traditional color-singlet mechanism to describe non-perturbative transition of heavy quark pair into a final quarkonium is used. Our analisys covers polarization properties of heavy quarkonia at moderate and large transverse momenta. We find that the total and differential open charm production cross sections are consistent with the recent experimental data taken by the L3, OPAL and ALEPH collaborations. At the same time the DELPHI data for the inclusive J/Psi production exceed our predictions but experimental uncertainties are too large to claim a significant inconsistency. The bottom production in photon-photon collisions at CERN LEP2 is hard to explain within the k_T-factorization formalism.