Counting Dyons in N=8 String Theory
David Shih, Andrew Strominger, Xi Yin

TL;DR
This paper derives exact BPS black hole degeneracies in 4D N=8 string theory using a relation with 5D black holes, providing a microscopic derivation that confirms the results.
Contribution
It introduces a method to compute 4D black hole degeneracies from 5D data and offers a microscopic derivation in terms of D-brane bound states.
Findings
Exact 4D BPS black hole degeneracies derived from 5D data
Microscopic derivation matches the macroscopic results
Establishes a relation between 4D and 5D black hole counts
Abstract
A recently discovered relation between 4D and 5D black holes is used to derive exact (weighted) BPS black hole degeneracies for 4D N=8 string theory from the exactly known 5D degeneracies. A direct 4D microscopic derivation in terms of weighted 4D D-brane bound state degeneracies is sketched and found to agree.
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