We present an investigation of the magnetic behavior of epitaxial MnAs films grown on GaAs(100). We address the dependence of the magnetic moment, ferromagnetic transition temperature ($T_c$) and magnetocrystalline anisotropy constants on epitaxial conditions. From thorough structural and magnetic investigations, our findings indicate a more complex relationship between strain and magnetic properties in MnAs films than a simple stretch/compression of the unit cell axes. While a small increase is seen in the anisotropy constants the enhancement of the magnetic moment at saturation is significant. X-ray magnetic circular dichroism results show a behavior of the spin- and orbital-moment which is consistent with a structural transition at $T_c$. In particular, we find that the ratio of the orbital to spin moment shows a marked increase in the coexistence region of the ferromagnetic $alpha$- and paramagnetic $beta$-phases, a result that is well in accord with the observed increase of the $c/a$-ratio in the same temperature region. The textit{ab initio} density functional calculations reveal that the magnetic properties are more sensitive towards change in in-plane axis as compared to a change of the out-of-plane axis, which is explained by the analysis of band structures. The effects of electron correlation in MnAs using textit{ab initio} dynamical mean field theory are also presented.
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