The formation and growth processes of supermassive black holes (SMBHs) are not well constrained. SMBH population models, however, provide specific predictions for the properties of the gravitational-wave background (GWB) from binary SMBHs in merging
galaxies throughout the Universe. Using observations from the Parkes Pulsar Timing Array, we constrain the fractional GWB energy density with 95% confidence to be ${Omega}_{GW}(H_0/73 {rm km} {rm s}^{-1} {rm Mpc}^{-1})^2 < 1.3 times 10^{-9}$ at a frequency of 2.8 nHz, which is approximately a factor of six more stringent than previous limits. We compare our limit to models of the SMBH population and find inconsistencies at confidence levels between 46% and 91%. For example, the standard galaxy formation model implemented in the Millennium simulations is inconsistent with our limit with 50% probability.
Signals from radio pulsars show a wavelength-dependent delay due to dispersion in the interstellar plasma. At a typical observing wavelength, this delay can vary by tens of microseconds on five-year time scales, far in excess of signals of interest t
o pulsar timing arrays, such as that induced by a gravitational-wave background. Measurement of these delay variations is not only crucial for the detection of such signals, but also provides an unparallelled measurement of the turbulent interstellar plasma at au scales. In this paper we demonstrate that without consideration of wavelength- independent red-noise, simple algorithms to correct for interstellar dispersion can attenuate signals of interest to pulsar timing arrays. We present a robust method for this correction, which we validate through simulations, and apply it to observations from the Parkes Pulsar Timing Array. Correction for dispersion variations comes at a cost of increased band-limited white noise. We discuss scheduling to minimise this additional noise, and factors, such as scintillation, that can exacerbate the problem. Comparison with scintillation measurements confirms previous results that the spectral exponent of electron density variations in the interstellar medium often appears steeper than expected. We also find a discrete change in dispersion measure of PSR J1603-7202 of ~2x10^{-3} cm^{-3}pc for about 250 days. We speculate that this has a similar origin to the extreme scattering events seen in other sources. In addition, we find that four pulsars show a wavelength-dependent annual variation, indicating a persistent gradient of electron density on an au spatial scale, which has not been reported previously.
