We present the first microscopic calculation of the spectator fragment
ation observed in heavy-ion reactions at relativistic energies which r
eproduces the slope of the kinetic energy spectra of the fragments as
well as their multiplicity, both measured by the ALADIN collaboration.
In the past both have been explained in thermal models, however with
vastly different assumptions about the excitation energy and the densi
ty of the system. We show that both observables are dominated by dynam
ical processes and that the system does not pass a state of thermal eq
uilibrium. These findings question the recent conjecture that in these
collisions a phase transition of first order, similar to that between
water and vapor, can be observed. (C) 1997 Elsevier Science B.V.