On continuity of accessible functors

Abstract: We prove that for each locally $\alpha$-presentable category $\mathcal K$ there exists a regular cardinal $\gamma$ such that any $\alpha$-accessible functor out of $\mathcal K$ (into another locally $\alpha$-presentable category) is continuous if and only if it preserves $\gamma$-small limits; as a consequence we obtain a new adjoint functor theorem specific to the $\alpha$-accessible functors out of $\mathcal K$. Afterwards we generalize these results to the enriched setting and deduce, among other things, that a small $\mathcal V$-category is accessible if and only if it is Cauchy complete.