Effect
It is crucial to understand the composition of the body being impacted to understand how the shock wave moves through the body.
All animal tissue is comprised majorly by water and yet tissue is not liquid.
Most body tissue has a viscous nature  and is most comparable physically to gelatin or cold honey.
The nature of the tissue is what allows for the shock wave from the impact to pass through the body in all direction not just in the direction of motion of the projectile.
In the case of a viscous medium, some of the kinetic energy from the collision is transformed into a pressure wave cause by elastic collisions of the of the molecules.
The pressure wave moves through the body as the elastic collisions propagate through the medium.
It is important then to understand that in order to quantify the ballistic wave you must calculate the loss of kinetic energy by the projectile.
Generally the  waves travel at a speed less than that of sound, this allows for propagation throughout.
The propagation of the pressure waves in a living creature eventually reach the spine and or brain.
When the waves collide with such important parts of the central nervous system the results can be devastating, usually resulting in incapacitation.
However in the case that the speed of the pressure waves is greater than that of sound then the wave will cause far greater damage still.
The high speed of the waves often result in abrupt change of property for the material experiencing the wave.
In cases where live animals  are subject to such a wave usually these affects can be seen in the blood.
Coagulation of the blood generally results from ultra high velocity waves.
wave
http://en.wikipedia.org/wiki/Hydrostatic_shock