Corona Energy Budget in AGN and GBHCs
  Recent progress in observations and understanding of spectra of Seyfert Galaxies shows that X-rays are most likely produced by magnetic flares on the surface of the disk, similar to Solar X-ray emission. However, while the model reproduces the shape of the spectrum well, the question of the overall normalization of the X-ray component relative to the bolometric luminosity has not been previously considered. Here we show that, in gas-dominated accretion disks, the magnetic energy transport can indeed power the corona in a way consistent with observations, {\it if} magnetic field in the disk is mostly contained to strong magnetic flux tubes. However, in radiation dominated disks radiation diffusion makes the field weak/diffuse, and thus the magnetic energy transport is less efficient, i.e., in such disks the disk intrinsic emission should be the dominant component in the overall spectrum. We compare our findings to observations, and conclude that our theory can account for the often observed ``steeper when brighter'' behavior in AGN and the hard-soft spectral transitions in GBHCs. 
Sergei Nayakshin (The University of Arizona, Tucson)