We show that the decay spectrum of massive excitations in perturbative stri
ng theories is thermal when averaged over the (many) initial degenerate sta
tes. We first compute the inclusive photon spectrum for open strings at the
tree level showing that a black body spectrum with the Hagedorn temperatur
e emerges in the averaging. A similar calculation for a massive closed stri
ng state with winding and Kaluza-Klein charges shows that the emitted gravi
ton spectrum is thermal with a "grey-body" factor, which approaches one nea
r extremality. These results uncover a simple physical meaning of the Haged
orn temperature and provide an explicit microscopic derivation of the black
body spectrum from a unitary S matrix. (C) 1999 Elsevier Science B.V. All
rights reserved.