balancing aspects aside, imagine trying to block a car using a shield
I'll put it this way, I blocked a car with my left arm and leg and laptop, arm was shattered, leg ligaments were ripped from the bone and the laptop came out with a couple of scratches and worked fine.
Putting that to a shield situation, you'd break you arm if a horse slammed into it, depending on the curvature of the shield, if it was concave, you'd probably worsen your injuries through having pressure points on the areas where the shield are slanted inwards (i.e. Around the rim that'd be pushing down into you) and but you'd probably come off with less broken bones. That's by my logic though, which is flawed.