Both a parent star and its planet revolve around the center of mass of the system, the reason we see stellar wobble. But if we take this to be true, which it is, there can be a configuration in which two identical stars revolve around their center of mass, in a common orbit. What I find astonishing in this case is that they will be revolving around something having no mass at all, in a shared orbit, like two runners trying to catch each other but never quite being able to do so.
In that case, in a purely Newtonian system, the centripetal force must be provided by the gravitational attraction between the stars. Now if I assume both the stars to have a mass $m$, at a separation of $d$ from each other, revolving in the common orbit diametrically opposite to each other,
$$\frac{mv^2}{r} = \frac{Gm^2}{d^2}\; {\rm where}\; r = \frac{d}{2}$$
solving for $v$, we get a velocity where a stable orbit is formed, $v = \sqrt{\frac{Gm}{2d}}$
Note: I have failed to find such an expression, I am not certain about the math.
I did find a system described in such a way that two stars orbit a common point in separate ellipses though. Is my conventional wisdom correct, or is my derivation of this expression somehow intrinsically flawed?
Does this expression already exist? And I suppose the odds of observing such a system are 'astronomical', but has something like it ever been observed?