The missing link: a low mass X-ray binary in M31 seen as an ultraluminous X-ray source
Matthew J. Middleton, Andrew D. Sutton, Timothy P. Roberts, Floyd E., Jackson, Chris Done

TL;DR
This study analyzes a transient ultraluminous X-ray source in M31, providing evidence it is a stellar mass black hole in a low-mass X-ray binary accreting at super Eddington rates, with detailed spectral analysis supporting this interpretation.
Contribution
It offers the first detailed spectral sequence of a ULX in M31, strongly supporting its identification as a stellar mass black hole in a low-mass X-ray binary, and compares spectral models to observed data.
Findings
The ULX shows a steady decline in luminosity over 1.5 months.
Spectral data are best described by a two-component model involving disc emission and Comptonisation.
The source is consistent with a stellar mass black hole accreting at super Eddington rates.
Abstract
A new, transient ultraluminous X-ray source (ULX) was recently discovered by Chandra in M31 with a luminosity at ~ 5 x 10^39 erg/s. Here we analyse a series of five subsequent XMM-Newton observations. The steady decline in X-ray luminosity over 1.5 months gives an observed e-fold timescale of ~40 days; similar to the decay timescales seen in soft X-ray transients in our own Galaxy. This supports the interpretation of this ULX as a stellar mass black hole in a low-mass X-ray binary (LMXB), accreting at super Eddington rates. This is further supported by the lack of detection of an O/B star in quiescence and the XMM-Newton spectral data being dominated by a disc-like component rather than the power-law expected from a sub-Eddington intermediate-mass black hole. These data give the best sequence of high Eddington fraction spectra ever assembled due to the combination of low absorption…
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