Gravitational and electromagnetic signals from compact binaries

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Scientific knowledge has advanced as theoretical predictions are confronted with unambiguous observational data. Our understanding of some of the most exotic elements of our universe, e.g., black holes, neutron stars, supernovae gamma-ray bursts (GRBs), remains incomplete as the theoretical models for such systems are not yet mature. Soon the detection of gravitational waves from strongly gravitating/highly dynamical systems will add a new and in many cases complementary way to probe these systems. The combination of the knowledge gained in both gravitational and electromagnetic wave bands will provide an unprecedented opportunity for analyzing fascinating scenarios and will likely lead to important discoveries in astrophysics, gravity in extreme regimes and cosmology.