Palomar/MSU nearby star spectroscopic survey. III.

Our measurements include radial velocities, equivalent widths of important chromospheric emission lines, and rotational velocities for rapidly rotating stars. We identify several distinct groups by their H{alpha} properties and investigate variations in chromospheric activity among early (M0-M2.5) and mid (M3-M6) dwarfs.

Using a volume-limited sample together with a relationship between age and chromospheric activity, we show that the rate of star formation in the immediate solar neighborhood has been relatively constant over the last 4Gyr. In particular, our results are inconsistent with recent large bursts of star formation. We use the correlation between H{alpha} activity and age as a function of color to set constraints on the properties of L and T dwarf secondary components in binary systems.