Black Hole Non-Formation in the Matrix Model
  The leading classical low-energy effective actions for two-dimensional string theories have solutions describing the gravitational collapse of shells of matter into a black hole. It is shown that string loop corrections can be made arbitrarily small up to the horizon, but $\alpha'$ corrections cannot. The matrix model is used to show that typical collapsing shells do not form black holes in the full string theory. Rather, they backscatter out to infinity just before the horizon forms. The matrix model is also used to show that the naively expected particle production induced by the collapsing shell vanishes to leading order. This agrees with the string theory computation. From the point of view of the effective low energy field theory this result is surprising and involves a delicate cancellation between various terms. 
Joanna L. Karczmarek, Juan Maldacena and Andrew Strominger