Studies suggest that when shocks recur, firms revisit their experience in prior shocks to make sense of current challenges. This research will evaluate firms’ understanding of previous shocks, of their reactions to these shocks, and of the outcomes of such reactions. The study evaluates 607 firms from five emerging Asian economies that survived serial economic shocks between 1997 and 2008. This study will improve understanding of how firms’ interpretations of previous shocks influence their choices and outcomes in current shocks.