We examine the dynamical effects in the canonical ensemble calculation of the specific heat of Ne with and without interactions in the s-d shell. Allowing for the inclusion of a continuum as well as a discrete spectrum in both cases, it is seen that the peak in the specific heat is a consequence of the interaction and not a finite size eKect. The same behavior is also observed in other systems.PACS number(s): 21.60.-n, 05.30.-d It has been pointed out [1,2] that a peaked structure in the specific heat of a many-body system may be a signature of a "phase transition" or phase transformation. Although in finite quantum systems such peaks are indeed smooth and no sharp transitions are encountered, these peaks are in many cases indicative of significant changes experienced by the system which are due to dynamical effects, and reflect the transitions between different regimes. In nuclear systems, these peaks can quite generally be understood as signatures of collective to noncollective transitions and can be directly related to abrupt changes in the many-body density of states [3].However, it has recently been argued [4,5] that these peaks may arise from finite size effects (i.e., effects arising only from the truncation of the model space) and are therefore unrelated to the underlying dynamics. Moreover, some type of universality was suggested in this vein [5]. A truncation of the accessible space obviously leads to the vanishing of the specific heat at sufficiently high temperatures which in turn results in a (generally flat) peak in the specific heat at intermediate temperatures.However, we claim that the truncation of the accessible space cannot be held responsible for the peak in the specific heat exhibited by finite nuclei. Moreover, it can be easily seen that the position of these peaks is strongly dependent on the strength of the interaction.In the present work we show first some results obtained in the 8-d shell for the nucleus~Ne with two valence protons and neutrons. We have calculated the specific heat in the canonical ensemble both for the noninteracting system and for the system interacting with a Vary-Yang effective interaction [6], using in both cases the same unperturbed single particle (s.p. ) energies (see Fig. 1). The Vary-Yang interaction in this model space quite accurately describes the lowest part of the experimental spectrum [2]. In order to clearly distinguish the effects of truncation of the model space, we have also included the continuum in both the interacting and nonintcracting systems in the calculation of the specific heat.Let us consider first the calculation in the truncated Permanent address: Department of Physics, University of I a Plata, 1900 La Plata, Argentina. space. In both the interacting and noninteracting cases, two peaks are observed in the specific heat. The lowesttemperature peak is due to the small energy gap between the ground state and the first excited state of the manybody system, in comparison with the energy difference between the ground and second excited st...