Wall Crossing Formula for N=4 Dyons: A Macroscopic Derivation
  We derive the wall crossing formula for the decay of a quarter BPS dyon into a pair of half-BPS dyons by analyzing the quantum dynamics of multi-centered black holes in N=4 supersymmetric string theories. Our analysis encompasses the cases where the final decay products are non-primitive dyons. The results are in agreement with the microscopic formula for the dyon spectrum in the special case of heterotic string theory on T^6. 
Ashoke Sen