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The book offers a new angle on long-standing questions about the categorial status of English participles and gerunds. The book makes a major point: participles are not verb forms which behave like adjectives, but actually are adjectives, linked with verbs via derivation. It argues that observed differences between participles and adjectives, which in the past have prompted linguists to draw a category distinction between them, are in reality due to the non-prototypical semantics of participles - a feature also found in other types of adjectives, with strikingly identical effects. This analysis then accounts for the word formation of adjectives such as boring, tired, drunk, which has always been mysterious. The book investigates the consequences of this analysis for our understanding of gerunds and V-ing-N compounds. With its comprehensive study of -ing forms, the book calls into question a number of widely-held assumptions - regarding the distinction between derivation and inflection, and the role of semantics in syntactic and morphological analysis. This book is of great interest to researchers and students in linguistics interested in morphology, syntax, semantics, lexical categorisation.