We study the dynamics of the boundary dilaton gravity coupled to N massles
scalars. We rederive the boundary conditions of [1] and [3] in a way which
makes the requirement of reparametrization invariance and role of conformal
anomaly explicit. We then study the semiclassical behaviour of the boundary in
the N = 24 theory in the presence of an incoming matter wave with a constant
energy flux spreaded over a finite interval. There is a critical value of the
matter energy density below which the boundary is stable and all the matter is
reflected back. For energy densities greater than this critical value there is
a similar behaviour for small values of total energy thrown in. However, when
the total energy exceeds another critical value, the boundary exibits a runaway
behaviour and the spacetime devolopes singularities and horizons.Comment: 16 pages, Latex file, TIFR/TH/94-24, IC/94/147 (preprint numbers are
included