ULXs: Neutron Stars vs Black Holes

We consider ultraluminous X-ray sources (ULXs) where the accretor is a neutron star rather than a black hole. We show that the recently-discovered example (M82 X-2) fits naturally into the simple picture of ULXs as beamed X-ray sources fed at super-Eddington rates, provided that its magnetic field is weaker ($\simeq 10^{11}{\rm G}$) than a new-born X-ray pulsar, as expected if there has been mass gain. Continuing accretion is likely to weaken the field to the point that pulsing stops, and make the system indistinguishable from a ULX containing a black hole. Accordingly we suggest that a significant fraction of all ULXs may actually contain neutron star accretors rather than black holes, reflecting the neutron-star fraction among their X-ray binary progenitors. We emphasize that neutron-star ULXs are likely to have {\it higher} apparent luminosities than black hole ULXs for a given mass transfer rate, as their tighter beaming outweighs their lower Eddington luminosities. This further increases the likely proportion of neutron-star accretors among all ULXs. Cygnus X-2 is probably a typical descendant of neutron-star ULXs, which may therefore ultimately end as millisecond pulsar binaries with massive white dwarf companions.