We present a detailed study of the analytic structure, BPS spectra and
superconformal points of the N = 2 susy SU(2) gauge theories with N-f
= 1, 2, 3 massive quark hypermultiplets. We compute the curves of mar
ginal stability with the help of the explicit solutions for the low-en
ergy effective actions in terms of standard elliptic functions. We sho
w that only a few of these curves are relevant. As a generic example,
the case of N-f = 2 with two equal bare masses is studied in depth. We
determine the precise existence domains for each BPS state, and show
how they are compatible with the RG flows. At the superconformal point
, where two singularities coincide, we prove that (for N-f = 2) the ma
ssless spectrum consists of four distinct BPS states and is S-invarian
t. This is due to the monodromy around the superconformal point being
S, providing strong evidence for exact S-duality of the SCFT. For all
N-f, we compute the slopes omega of the beta-functions at the fixed po
int couplings and show that they are related to the anomalous dimensio
ns alpha of u = (tr phi(2)) by omega = 2(alpha-1). (C) 1998 Published
by Elsevier Science B.V.