Microcanonical Phases of String Theory on AdS_m x S^n

Banks, Douglas, Horowitz and Martinec [hep-th/9808016] recently argued that in the microcanonical ensemble for string theory on AdS_m xS^n, there is a phase transition between a black hole solution extended over the S^n and a solution localized on the S^n. If we think of this AdS_m x S^n geometry as arising from the near-horizon limit of a black m-2 brane, the existence of this phase transition is puzzling. We present a resolution of this puzzle, and discuss its significance from the point of view of the dual m-1 dimensional field theory. We also discuss multi-black hole solutions in AdS.