Accretion Rates and Beaming in Ultraluminous X-ray Sources
  I show that extreme beaming factors $b$ are not needed to explain ULXs as stellar--mass binaries. For neutron star accretors one typically requires $b \sim 0.13$, and for black holes almost no beaming ($b \sim 0.8$). The main reason for the high apparent luminosity is the logarithmic increase in the limiting luminosity for super--Eddington accretion. The required accretion rates are explicable in terms of thermal--timescale mass transfer from donor stars of mass $6 - 10\msun$, or possibly transient outbursts. Beaming factors $\la 0.1$ would be needed to explain luminosities significantly above $10^{40}L_{40}$ erg s$^{-1}$, but these requirements are relaxed somewhat if the accreting matter has low hydrogen content. 
A. R. King