Certain helicity trace indices of charged states in N=4 and N=8 superstring
theory have been computed exactly using their explicit weakly coupled
microscopic description. These indices are expected to count the exact quantum
degeneracies of black holes carrying the same charges. In order for this
interpretation to be consistent, these indices should be positive integers. We
prove this positivity property for a class of four/five dimensional black holes
in type II string theory compactified on T^6/T^5 and on K3 \times T^2/S^1. The
proof relies on the mock modular properties of the corresponding generating
functions.Comment: v2: Typos correcte