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The boundary terms in the Hamiltonian, in the presence of horizons, are carefully analyzed in a simple 2D theory admitting AdS black holes. The agreement between the euclidean approach and Cardy’s formula is obtained modulo certain assumptions on the spectrum of the Virasoro’s algebra. There is no discrepancy factor “square root of 2” once the appropriate boundary conditions are properly recognized. The peculiar features of gravity, that the on-shell Hamiltonian is determined by boundary terms, is the reason of the mentioned agreement.

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