The Ultraluminous State
J. C. Gladstone, T. P. Roberts, Chris Done

TL;DR
This study analyzes high-quality X-ray spectra of ULXs, revealing that their features are best explained by models involving a cool, optically thick corona and suggesting they are stellar-mass black holes in a new ultraluminous accretion state.
Contribution
It demonstrates that ULX spectra are inconsistent with simple models and introduces a physical model involving a cool, optically thick corona, proposing a new ultraluminous accretion state.
Findings
ULX spectra show a soft excess and high-energy roll-over.
Disc temperatures are consistent with stellar-mass black holes.
Some ULXs have cooler discs, possibly due to massive winds.
Abstract
(Abridged) We revisit the question of the nature of ULXs through a detailed investigation of their spectral shape, using the highest quality X-ray data available in the XMM-Newton public archives. We confirm that simple spectral models commonly used for the analysis and interpretation of ULXs (power-law continuum and multi-colour disc blackbody models) are inadequate in the face of such high quality data. Instead we find two near ubiquitous features in the spectrum: a soft excess and a roll-over in the spectrum at energies above 3keV. We investigate a range of more physical models to describe these data. We find that disc plus Comptonised corona models fit the data well, but the derived corona is cool, and optically thick (tau ~ 5-30). We argue that these observed disc temperatures are not a good indicator of the black hole mass as the powerful, optically thick corona drains energy from…
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