  We use the matrix model to study the final state resulting from a coherent
high energy pulse in 2-d string theory at large string coupling. We show that
the outgoing signal produced via reflection off the potential has a thermal
spectrum, with the correct temperature and profile to be identified with
Hawking radiation. We confirm its origin as geometrical radiation produced by
the gravitational background. However, for a total incoming energy M, the
amount of energy carried by the thermal radiation scales only as log(M). Most
of the incoming energy is returned via the transmitted wave, which does not
have a thermal spectrum, indicating the absence of macroscopic black hole
formation.
