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We propose a physical interpretation of the perturbative breakdown of unitarity in time-like noncommutative field theories in terms of production of tachyonic particles. These particles may be viewed as a remnant of a continuous spectrum of undecoupled closed-string modes. In this way, we give a unified view of the string-theoretical and the field-theoretical no-go arguments against time-like noncommutative theories. We also perform a quantitative study of various locality and causality properties of noncommutative field theories at the quantum level.

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