The bistable properties of magnetic polarons bound to acceptor impurities (${A}^{0}$-BMP's) in ${\mathrm{Cd}}_{0.95}$${\mathrm{Mn}}_{0.05}$Se have been studied by time-resolved spectroscopy of D-A pair luminescence under two different conditions: (1) action of a magnetic field, in the Faraday configuration and above-band-gap optical excitation; (2) optical orientation of the magnetic moment of ${A}^{0}$-BMP's through a site-selection mechanism, by absorption of circularly polarized light tuned to the tail-of-acceptor--conduction-band transitions. The first experiments give clear indication of two different regimes: (a) At high temperature (T>5 K), the polarization rate ${P}_{c}$ of D-A luminescence increases with time delay and the evolution of ${P}_{c}$ is faster when T increases. This reflects the thermally activated orientation of ${A}^{0}$-BMP's by jumping over a potential barrier. (b) At low T (T<4 K) ${P}_{c}$ decreases with time delay, which reflects the recombination of holes with spin-polarized electrons on donors. In the second kind of experiment, the time evolution of ${P}_{c}$ is not influenced by spin-dependent recombination and is related only to the thermal relaxation of ${A}^{0}$-BMP orientation. At 1.7 K, ${P}_{c}$ is constant for at least 5 \ensuremath{\mu}s, which shows that ${A}^{0}$-BMP's are frozen. As T increases, the time-integrated value of ${P}_{c}$ decreases because of a progressive unfreezing of the polarons. Both experiments are consistent with a wide distribution of activation energies, presumably related to alloying effects. The distribution is centered around 10 meV, as predicted by a model of anisotropic ${A}^{0}$-BMP's proposed by Bhattacharjee [Phys. Rev. B 35, 9108 (1987)].
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