We investigate the migration of massive extrasolar planets due to
gravitational interaction with a viscous protoplanetary disc. We show that a
model in which planets form at 5 AU at a constant rate, before migrating, leads
to a predicted distribution of planets that is a steeply rising function of log
(a), where a is the orbital radius. Between 1 AU and 3 AU, the expected number
of planets per logarithmic interval in orbital radius roughly doubles. We
demonstrate that, once selection effects are accounted for, this is consistent
with current data, and then extrapolate the observed planet fraction to masses
and radii that are inaccessible to current observations. In total, about 15
percent of stars targeted by existing radial velocity searches are predicted to
possess planets with masses 0.3 M_Jupiter < M_p sin (i) < 10 M_Jupiter, and
radii 0.1 AU < a < 5 AU. A third of these planets (around 5 percent of the
target stars) lie at the radii most amenable to detection via microlensing. A
further 5-10 percent of stars could have planets at radii of 5 AU < a < 8 AU
that have migrated outwards. We discuss the probability of forming a system
(akin to the Solar System) in which significant radial migration of the most
massive planet does not occur. About 10-15 percent of systems with a surviving
massive planet are estimated to fall into this class. Finally, we note that a
smaller fraction of low mass planets than high mass planets is expected to
survive without being consumed by the star. The initial mass function for
planets is thus predicted to rise more steeply towards small masses than the
observed mass function.Comment: MNRAS, in pres