A toy black hole S-matrix in the D1-D5 CFT
  To model the process of absorption and emission of quanta by an extremal D1-D5 black hole in the dual CFT, we consider transitions between different Ramond vacua via absorption and emission of chiral primaries. We compute the probabilities to reach different CFT states starting with a special Ramond vacuum, using techniques of the orbifold CFT. It is found that the processes involving the change of angular momentum by $k$ units are suppressed as 1/N^k 
Oleg Lunin, Samir D. Mathur
hep-th