A comprehensive investigation of the AM Herculis-like nova system V1500 Cyg is presented, featuring time-resolved spectrophotometry with the Faint Object Spectrograph (FOS) of the Hubble Space Telescope (HST), coeval optical circular spectropolarimetry and spectrophotometry, and new broadband polarimetry. A revised ephemeris for the rotating white dwarf refines our knowledge of the timescale for synchronization with the orbital period -- and for becoming a bona fide AM Herculis system -- to 170 +/- 8 yrs. Three features of the orbital-phase-dependent spectral energy distribution are keys for understanding the relative contributions of several radiation sources in this system: (1) the brightness and shape of the ultraviolet continuum, which rises abruptly at short wavelengths and shows no significant phase dependence for lambda less than 2200 A, (2) the greater than or equal to 1 mag variations in the optical continuum and emission-line fluxes, and (3) a spectral slope in the optical which is reddest when brightest. These data lead us to conclude that the hot, postnova white dwarf is the dominant source of ultraviolet flux and of the unusually large bolometric luminosity of the system, compared with typical active AM Herculis binaries. The flat mid-ultraviolet spectrum requires a radiation component in addition to the white dwarf photosphere. We consider three possible origins: (1) cyclotron emission, (2) relatively broad, optically thick accretion columns with lumps of dense gas, and/or (3) orbiting debris in a disklike geometry. Observational tests are suggested to distinguish among these alternatives.
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