  In the context of a two-dimensional exactly solvable model, the dynamics of
quantum black holes is obtained by analytically continuing the description of
the regime where no black hole is formed. The resulting spectrum of outgoing
radiation departs from the one predicted by the Hawking model in the region
where the outgoing modes arise from the horizon with Planck-order frequencies.
This occurs early in the evaporation process, and the resulting physical
picture is unconventional. The theory predicts that black holes will only
radiate out an energy of Planck mass order, stabilizing after a transitory
period. The continuation from a regime without black hole formation
--accessible in the 1+1 gravity theory considered-- is implicit in an S-matrix
approach and suggests in this way a possible solution to the problem of
information loss.
