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We present ground-based and Swift photometric and spectroscopic observationsof the candidate tidal disruption event (TDE) ASASSN-14li, found at the centerof PGC 043234 ($d\simeq90$ Mpc) by the All-Sky Automated Survey for SuperNovae(ASAS-SN). The source had a peak bolometric luminosity of $L\simeq10^{44}$ ergss$^{-1}$ and a total integrated energy of $E\simeq7\times10^{50}$ ergs radiatedover the $\sim6$ months of observations presented. The UV/optical emission ofthe source is well-fit by a blackbody with roughly constant temperature of$T\sim35,000$ K, while the luminosity declines by roughly a factor of 16 overthis time. The optical/UV luminosity decline is broadly consistent with anexponential decline, $L\propto e^{-t/t_0}$, with $t_0\simeq60$ days.ASASSN-14li also exhibits soft X-ray emission comparable in luminosity to theoptical and UV emission but declining at a slower rate, and the X-ray emissionnow dominates. Spectra of the source show broad Balmer and helium lines inemission as well as strong blue continuum emission at all epochs. We use thediscoveries of ASASSN-14li and ASASSN-14ae to estimate the TDE rate implied byASAS-SN, finding an average rate of $r \simeq 4.1 \times 10^{-5}~{\rm yr}^{-1}$per galaxy with a 90% confidence interval of $(2.2 - 17.0) \times 10^{-5}~{\rmyr}^{-1}$ per galaxy. ASAS-SN found roughly 1 TDE for every 70 Type Iasupernovae in 2014, a rate that is much higher than that of other surveys.

Six Months of Multi-Wavelength Follow-up of the Tidal Disruption Candidate ASASSN-14li and Implied TDE Rates from ASAS-SN