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I show that extreme beaming factors $b$ are not needed to explain ULXs as stellar--mass binaries. For neutron star accretors one typically requires $b sim 0.13$, and for black holes almost no beaming ($b sim 0.8$). The main reason for the high apparent luminosity is the logarithmic increase in the limiting luminosity for super--Eddington accretion. The required accretion rates are explicable in terms of thermal--timescale mass transfer from donor stars of mass $6 - 10msun$, or possibly transient outbursts. Beaming factors $la 0.1$ would be needed to explain luminosities significantly above $10^{40}L_{40}$ erg s$^{-1}$, but these requirements are relaxed somewhat if the accreting matter has low hydrogen content.
The X-ray spectra of the most extreme ultra-luminous X-ray sources -- those with L > 1 E+40 erg/s -- remain something of a mystery. Spectral roll-over in the 5-10 keV band was originally detected in in the deepest XMM-Newton observations of the brigh
The black hole mass and accretion rate in Ultraluminous X-ray sources (ULXs) in external galaxies, whose X-ray luminosities exceed those of the brightest black holes in our Galaxy by hundreds and thousands of times$^{1,2}$, is an unsolved problem. He
We review observations of ultraluminous X-ray sources (ULXs). X-ray spectroscopic and timing studies of ULXs suggest a new accretion state distinct from those seen in Galactic stellar-mass black hole binaries. The detection of coherent pulsations ind
Chandra observations of the Cartwheel galaxy reveal a population of ultraluminous X-ray sources (ULXs) with lifetimes < 10^7 yr associated with a spreading wave of star formation which began some 3 x 10^8 yr ago. A population of high-mass X-ray binar
Although ultra-luminous X-ray sources (ULX) are important for astrophysics due to their extreme apparent super-Eddington luminosities, their nature is still poorly known. Theoretical and observational studies suggest that ULXs could be a diversified