We study various aspects of power suppressed as well as exponentially suppressed corrections in the asymptotic expansion of the degeneracy of quarter BPS dyons in N=4 supersymmetric string theories. In particular we explicitly calculate the power suppressed corrections up to second order and the first exponentially suppressed corrections. We also propose a macroscopic origin of the exponentially suppressed corrections using the quantum entropy function formalism. This suggests a universal

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... n of exponentially suppressed corrections to all four dimensional extremal black hole entropies in string theory.