The 1987 crash five years later: what have we learned?

Did we really learn anything from the crash? I think we did. We’ve learned so much, in fact, that I couldn’t possibly hope to cover it all in a brief chapter. So let me concentrate here on what I feel we have learned from the academic research on the crash and surrounding events – the academic work, as opposed to the polemical or special interest pleadings like those of the Brady Commission or the Securities and Exchange Commission.