We present the first experimental study of the ratio of cumulant to factorial moments of the charged-particle multiplicity distribution in high-energy particle interactions, using hadronic Z$^0$ decays collected by the SLD experiment at SLAC. We find that this ratio, as a function of the moment-rank $q$, decreases sharply to a negative minimum at $q=5$, which is followed by quasi-oscillations. These features are insensitive to experimental systematic effects and are in qualitative agreement with expectations from next-to-next-to-leading-order perturbative QCD.
CONST is the cumulant to factorial moments ratio. See text for definition.