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This a review of the present status of heavy-ion collisions at intermediate energies. The main goal of heavy-ion physics in this energy regime is to shed some light on the nuclear equation of state (EOS), hence we present the basic concept of the EOS in nuclear matter as well as of nuclear shock waves which provide the key mechanism for the compression of nuclear matter. The main part of this article is devoted to the models currently used for describing heavy-ion reactions theoretically and to the observables useful for extracting information about the EOS from experiments. A detailed discussion of the flow effects with a broad comparison with the avaible data is presented. The many-body aspects of such reactions are investigated via the multifragmentation break up of excited nuclear systems and a comparison of model calculations with the most recent multifragmentation experiments is presented.
We calculate thermal photon and neutral pion spectra in ultrarelativistic heavy-ion collisions in the framework of three-fluid hydrodynamics. Both spectra are quite sensitive to the equation of state used. In particular, within our model, recent data for S + Au at 200 AGeV can only be understood if a scenario with a phase transition (possibly to a quark-gluon plasma) is assumed. Results for Au+Au at 11 AGeV and Pb + Pb at 160 AGeV are also presented.