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Temporal analysis of radiation from Astrophysical sources like ActiveGalactic Nuclei, X-ray Binaries and Gamma-ray bursts provide information on thegeometry and sizes of the emitting regions. Establishing that two light-curvesin different energy bands are correlated and measuring the phase and time-lagbetween them is an important and frequently used temporal diagnostic. In thepresent work, expressions to estimate the errors on the cross-correlation,phase and time-lag between two light-curves are presented and the same havebeen verified using simulations. Earlier estimates depended upon numericallyexpensive simulations or on dividing the light-curves in large number ofsegments to find the variance. The estimates presented here allow for analysisof light-curves with relatively small (~1000) number of points, as well as toobtain information on the longest time-scales available. The error estimationis verified using simulations of light-curves derived from both white and 1/fstochastic processes with measurement errors. As a demonstration, we apply thistechnique to the XMM-Newton light-curves of the Active Galactic Nucleus, Akn564.

Estimation of error on the cross-correlation, phase and time lag between evenly sampled light curves