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Study of astrophysics of black holes and neutron stars has taken a new turnin the present decade with the realization that sub-Keplerian flows and theassociated centrifugal barrier near the horizon or the surface of a neutronstar play a major role in deciding the nature of the emitted spectra and theformation of outflows from the accreting matter. This region may remain steadyor oscillate depending on the accretion rate, specific angular momentum andspecific energy of the flow. Intricacies of oscillation may depend on thedegree of feedback the inflow receives from the outflow. This region may emithard or soft X-rays depending on relative numbers of hot elections and softphotons intercepted by this region. We discuss how these properties come aboutand how they explain the observational results of black hole candidates.

Latest trends in the study of accretion and outflows around compact objects