The following first problem is posed: to justify that the standing shock waveis a correct 'entropy solution' of the Cauchy problem for the fifth-order degenerate non-linear dispersion equations (NDEs), same as for the classic Euler one u t + uu x = 0,These two quasi-linear degenerate partial differential equations (PDEs) are chosen as typical representatives; so other (2m + 1)th-order NDEs of non-divergent form admit such shocks waves. As a related second problem, the opposite initial shock S + (x) = −S − (x) = sign x is shown to be a non-entropy solution creating a rarefaction wave, which becomes C ∞ for any t > 0. Formation of shocks leads to non-uniqueness of any 'entropy solutions'. Similar phenomena are studied for a fifth-order in time NDE u ttttt = (uu x ) xxxx in normal form.On the other hand, related NDEs, such asare shown to admit smooth compactons, as oscillatory travelling wave solutions with compact support. The well-known non-negative compactons, which appeared in various applications (first examples by Dey, 1998, Phys. Rev. E, vol. 57, pp. 4733-4738, and Levy, 1999, Phys. Lett. A, vol. 252, pp. 297-306), are non-existent in general and are not robust relative to small perturbations of parameters of the PDE.