The structure of shock waves in liquids containing gas bubbles is investigated theoretically. The mechanisms taken into account are the steepening of compression waves in the mixture by convection and the effects due to the motion of the bubbles with respect to the surrounding fluid. This relative motion, radial and translational, gives rise to dissipation and to dispersion caused by the inertia of the radial flow associated with an expanding or compressed bubble. For not too thick shocks the dissipation by radial motion around the bubbles dominates over the dissipation by relative translational motion, in mixtures with low gas content. The overall thickness of the shock appears to be determined by the dispersion effect. Dissipation, however, is necessary to permit a steady shock wave. It is shown that, analogous to undular bores, a stationary wave train may exist behind the shock wave.