The new $\gamma n\to K^0\Lambda$ data obtained from the CLAS and MAMI collaborations are analyzed by employing an effective Lagrangian method. The constructed model can describe all available experimental data in both $\gamma p \to K^+\Lambda$ and $\gamma n\to K^0\Lambda$ channels, simultaneously. The background part of the model is built from the appropriate intermediate states involving the nucleon, kaon, and hyperon exchanges, whereas the resonance part is constructed from the consistent interaction Lagrangians and propagators. To check the performance of the model a detailed comparison between the calculated observables and experimental data in both isospin channels is presented, from which a nice agreement can be observed. The discrepancy between the CLAS and MAMI data in the $\gamma n\to K^0\Lambda$ channel is analyzed by utilizing three different models; M1, M2, and M3 that fit the CLAS, MAMI, and both CLAS and MAMI data sets, respectively. The effect of this discrepancy is studied by investigating the significance of individual nucleon resonances and the predicted beam-target helicity asymmetry $E$ that has been measured by the CLAS collaboration recently. It is found that the $N(1720)P_{13}$, $N(1900)P_{13}$, and $N(2060)D_{15}$ resonances are significant for improving the agreement between model calculation and data. This result is relatively stable to the choice of the model. The helicity asymmetry $E$ can be better explained by the models M1 and M3. Finally, the effect of the $N(1680)P_{11}$ narrow resonance on the cross section of both isospin channels is explored. It is found that the effect is more sensitive in the $\gamma n\to K^0\Lambda$ channel. In this case the model M3, that fits both CLAS and MAMI data, yields a more realistic effect.
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