N=2 heterotic superstring and its dual theory in five dimensions

We study quantum effects in five dimensions in heterotic superstring theory compactified on K-3 x S-1 and analyze the conjecture that its dual effective theory is eleven-dimensional supergravity compactified on a Calabi-Yau threefold. This theory is also equivalent to type II superstring theory compactified on the same Calabi-Yau manifold, in an appropriate large volume limit. In this limit the conifold singularity disappears and is replaced by a singularity associated to enhanced gauge symmetries, as naively expected from the heterotic description, Furthermore, we exhibit the existence of additional massless states which appear in the strong coupling regime of the heterotic theory and are related to a different type of singular points on Calabi-Yau threefolds.