Gauge Theory Description of D-brane Black Holes: Emergence of the Effective SCFT and Hawking Radiation

We study the hypermultiplet moduli space of an N=4, U(Q_1)xU(Q_5) gauge theory in 1+1 dimensions to extract the effective SCFT description of near extremal 5-dimensional black holes modelled by a collection of D1- and D5-branes. On the moduli space, excitations with fractional momenta arise due to a residual discrete gauge invariance. It is argued that, in the infra-red, the lowest energy excitations are described by an effective c=6, N=4 SCFT on T^4, also valid in the large black hole regime. The ``effective string tension'' is obtained using T-duality covariance. While at the microscopic level, minimal scalars do not couple to (1,5) strings, in the effective theory a coupling is induced by (1,1) and (5,5) strings, leading to Hawking radiation. These considerations imply that, at least for such black holes, the calculation of the Hawking decay rate has a sound foundation in string theory and statistical mechanics and, hence, there is no information loss.