Abstract
Many authors - beginning with Bekenstein - have suggested that the energy levels E_n of a quantized isolated Schwarzschild black hole have the form E_n = sigma sqrt{n} E_P, n=1,2,..., sigma =O(1), with degeneracies g^n. In the present paper properties of a system with such a spectrum, considered as a quantum canonical ensemble, are discussed: Its canonical partition function Z(g,beta=1/kT), defined as a series for g1 by means of an integral representation which reveals a cut of Z(g,beta) in the complex g-plane from g=1 to infinity. Approaching the cut from above yields a real and an imaginary part of Z. Very surprisingly, it is the (explicitly known) imaginary part which gives the expected thermodynamical properties of Schwarzschild black holes: Identifying the internal energy U with the rest energy Mc^2 requires beta to have the value (in natural units) beta = 2M(lng/sigma^2)[1+O(1/M^2)], (4pi sigma^2=lng gives Hawking's beta_H), and yields the entropy S=[lng/(4pi sigma^2)] A/4 + O(lnA), where A is the area of the horizon.

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