Internal Structure of Black Holes
Finn Larsen, Frank Wilczek

TL;DR
This paper explores the internal structure of extremal dyonic black holes in string theory, proposing a non-perturbative degeneracy formula that aligns with black hole entropy and suggests a rich hair structure leading to an effective string description.
Contribution
It introduces a simple, parameter-free expression for the non-perturbative degeneracy of extremal black holes, linking microstates to an effective string theory framework.
Findings
Degeneracy formula reproduces Bekenstein-Hawking entropy in large-area limit
Black holes support extensive hair, enabling microstate counting
Effective string theory describes the microstates of these black holes
Abstract
We present a number of qualitative arguments which strongly suggest that extremal dyonic black holes in the 4--dimensional low energy, classical field theory limit of toroidally compactified heterotic string theory represent largely degenerate classes of states in the quantum theory. We propose a simple expression for the full non--perturbative degeneracy, which contains no free continuous parameters and reproduces the Bekenstein-Hawking in the large-area limit (with the arising from microphysics). We sketch the elements of a physical picture leading to this expression: the holes support much hair, such that in counting it we are led to an effective string theory, and a matching condition whose solutions give the degeneracy.
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