The exact quantum entropy of BPS black holes can be evaluated using
localization in supergravity. An important ingredient in this program, that has
been lacking so far, is the one-loop effect arising from the quadratic
fluctuations of the exact deformation (the QV operator). We compute
the fluctuation determinant for vector multiplets and hyper multiplets around
Q-invariant off-shell configurations in four-dimensional N=2
supergravity with AdS2×S2 boundary conditions, using the
Atiyah-Bott fixed-point index theorem and a subsequent zeta function
regularization. Our results extend the large-charge on-shell entropy
computations in the literature to a regime of finite charges. Based on our
results, we present an exact formula for the quantum entropy of BPS black holes
in N=2 supergravity. We explain cancellations concerning
81-BPS black holes in N=8 supergravity that were observed in
arXiv:1111.1161. We also make comments about the interpretation of a
logarithmic term in the topological string partition function in the low energy
supergravity theory.Comment: 47 pages; v3 accepted for publication in JHE