The Intra-Night Optical Variability of the bright BL Lac object S5 0716+714

We address the topic of the Intra-Night Optical Variability of the BL Lac object S5 0716+714. To this purpose a long term observational campaign was performed, from 1996 to 2003, which allowed the collection of a very large data set, containing 10,675 photometric measurements obtained in 102 nights. The source brightness varied in a range of about 2 mag, although the majority of observations were performed when it was in the range 13.0 < R < 13.75. Variability time scales were estimated from the rates of magnitude variation, which were found to have a distribution function well fitted by an exponential law with a mean value of 0.027 mag/h, corresponding to an e-folding time scale of the flux tau_F = 37.6 h. The highest rates of magnitude variation were around 0.10--0.12 mag/h and lasted less than 2 h. These rates were observed only when the source had an R magnitude < 13.4, but this finding cannot be considered significant because of the low statistical occurrence. The distribution of tau_F has a well defined modal value at 19 h. Assuming the recent estimate of the beaming factor delta about 20, we derived a typical size of the emitting region of about 5 times 10^{16}/(1 + z) cm. The possibility to search for a possible correlation between the mean magnitude variation rate and the long term changes of the velocity of superluminal components in the jet is discussed.