Exact and Asymptotic Degeneracies of Small Black Holes

We examine the recently proposed relations between black hole entropy and the topological string in the context of type II/heterotic string dual models. We consider the degeneracies of perturbative heterotic BPS states. In several examples with N=4 and N=2 supersymmetry, we show that the macroscopic degeneracy of small black holes agrees to all orders with the microscopic degeneracy, but misses non-perturbative corrections which are computable on the heterotic side. Using these examples we refine the previous proposals and comment on their domain of validity as well as on the relevance of helicity supertraces.