Business is global - and cross-cultural interactions among industry leaders, government policymakers, investors, consumers, and other stakeholders are increasingly center stage. Two of the top five economies in the world, China and Japan, are in east Asia. In addition, as companies around the world compete for talent and markets, the region boasts bustling population centers - the greater Tokyo area is the largest metropolitan area in the world.
Asian corporate and investment banking (CIB) accounts for nearly half of all CIB revenues, and is projected to sustain annual revenue growth through 2027 that is faster than other regions worldwide.
McKinsey
Ethical leadership means leadership with respect, authenticity, transparency, and integrity. Partnerships across countries and cultures are the new normal, and learning from regions around the world contributes to more effective, ethical business.
Yet nothing worth doing is simple. The complexities of collaboration and consensus are evident in current sociopolitical challenges. And certainly East Asia includes a diverse array of countries with unique economic systems and business customs.
What should business leaders know about this important region? What leadership insights does it offer decision makers around the world? And what can we learn from one professional’s path from Notre Dame to a finance role in Japan?
We invited experts from industry and academia to share insights which provide two distinct lenses on this multifaceted region. Read on for more on this dynamic global center.
Our Experts
Daniel Kerrigan, ND '84 MBA '86, is CEO and Representative Director of Interactive Brokers Securities Japan, and a member of the NDDCEL Advisory Board.
Zhi Da is the Howard J. and Geraldine F. Korth Professor of Finance at the Mendoza College of Business.
NDDCEL: In a company like yours, with engagements all over the world, how do you effectively imbue the organizational mission in a consistent way? How does corporate mission transcend cultural and national boundaries?
Dan Kerrigan: Our 80-year-old founder and chairman is still active in the strategic direction of the business. His vision of constant innovation permeates our culture worldwide. We are trying to democratize securities ownership for individuals and the empowerment financial independence brings. Vision and execution are key.
NDDCEL: You have worked in Asia for over two decades, with most of your experience in Japan and Hong Kong. What are some leadership lessons you've learned along the way?
DK: Challenge the status quo but at the same time understand the culture for what it is.
Nearly every foreign manager who says “back home, we do it this way…” ends up failing.
Dan Kerrigan, CEO & Representative Director, Interactive Brokers Securities Japan
There are two films by the director Akira Kurosawa which, in my view, help explain Japanese culture. “Rashomon” depicts the main characters giving radically different accounts of the same incident. Understand everyone has their own perspective. “Ikiru” is a take on the myth of Sisyphus and the desire to overcome inertia to create something significant. Rewards for performance are also viewed differently in Japan and the US. In my experience, the group in Japan appreciate recognition, such as through a title change, while employees from the US and other Western countries prefer individual recognition.
NDDCEL: Global business is dynamic and complex. What are some of the most immediate challenges ahead for the world of international finance?
DK: There is an active debate over corporate governance in Japan and worldwide. Do companies exist for shareholders only or should they serve a broader array of stakeholders? Is the best way to address this debate through public or private equity structures? What is the most effective role of government regulation? I am optimistic about the future. One of the best books I read in the past year was Factfulness: Ten Reasons We're Wrong About the World – and Why Things Are Better Than You Think. In terms of education, health and life expectancy, the world continues to progress. Business is central to providing innovation and prosperity.
NDDCEL: In a complex and ever-changing geopolitical environment, what leadership lessons stand the test of time? What advice have you received, or given to others, that you find most important?
DK: The most effective leaders clearly communicate their vision.
Leading by example is essential to long term success. You shouldn't ask your team to do anything you are not willing to do yourself. I try to live that principle to this day.
Dan Kerrigan
NDDCEL: What does ethical leadership mean in the context of your industry?
DK: Investment banks match corporations who need capital with investors who deploy capital. This is a positive sum game and we have to serve both sets of constituents to succeed. At times we face conflicts between the two groups, but the moment we favor one over the other our function will fail.
The ethical path is liberating and not constricting.
Dan Kerrigan
NDDCEL: Finally, can you tell us a bit about your path from Notre Dame to your current role?
DK: After graduation I moved to New York to work on Wall Street. I joined a Japanese brokerage firm that sent me to Tokyo several times. I relocated to Japan full time shortly thereafter because I saw foreign ownership of the Japanese market was going to increase over the coming years. I also saw living in Japan as an adventure, as it remains to this day. At other points in my career I’ve also worked at a Japan focused hedge fund in Honolulu and had pan-Asia management roles based from Hong Kong.
NDDCEL: What steps led you to your current role as a faculty member in Mendoza's Finance Department?
Zhi Da: I completed my undergraduate studies in Singapore, majoring in Finance, followed by a Master of Science in Financial Engineering. I then spent just over a year working on the interest rate derivatives trading desk at the Development Bank of Singapore (DBS), where I collaborated closely with traders, salespeople, and quants. Our team was responsible for structuring and pricing interest rate products tailored to client needs, as well as implementing hedging strategies to manage the bank’s risk exposure. I later moved to the United States to pursue a PhD.
NDDCEL: What were some of the most important lessons you learned as you navigated roles in industry and academia?
ZD: I learned early on the value of identifying and leveraging one’s strengths in any professional setting. With a background in business and financial engineering, I quickly recognized that my strength lies in effective communication—particularly in bridging gaps between colleagues with diverse areas of expertise. For instance, I was often able to translate complex mathematical pricing concepts into accessible terms for sales colleagues, and to clearly articulate the risk profile of a trade to the bank’s Chief Risk Officer—securing approval for transactions that might otherwise have been denied. I also collaborated closely with software developers to tailor pricing tools to the unique needs of our trading desk. This ability to communicate across functional lines has continued to serve me well, including in the classroom as a professor.
NDDCEL: What are some of the most important things business decision-makers should know about the finance industry in Asia?
ZD: Markets across Asia vary widely, so it's essential to understand local business cultures and customs. An old saying highlights the contrast between Hong Kong and Singapore: “In Hong Kong, everything that is not explicitly forbidden is allowed; in Singapore, everything that is not explicitly allowed is forbidden.” Additionally, don't be surprised if, in many parts of Asia, major business decisions are made only after consulting Feng Shui experts—a reflection of the deep cultural influences that still shape business practices today.
In Chinese, the word for “crisis” (危机) is composed of two characters—one meaning “danger” and the other “opportunity.” This reflects a common perspective among business leaders: crises are not only threats but also catalysts for change. The ability of leadership to quickly adapt—or even proactively seize opportunities in the face of crisis—often marks the difference between ultimate success and failure.
Zhi Da, Korth Professor of Finance
NDDCEL: Having worked in the US and Asian contexts, do you see differences in the nature and understanding of the concept of leadership, and ethical leadership in particular?
ZD: In the U.S., business tends to be more rule-based and governed by formal structures, whereas in many parts of Asia, there are more gray areas and informal norms. Trust in Asia is often placed in individuals rather than institutions. That said, maintaining ethical business practices remains essential for long-term success, regardless of the cultural context.
NDDCEL: Could you share a bit more information about your primary research area?
ZD: My recent research focuses on the behavior of retail and institutional investors and their impact on financial markets, particularly in the context of trading innovations. For more details, please visit my personal website.
For further reading:
Trends and opportunities shaping corporate and investment banking in Asia (McKinsey)
Ethical leadership in the East: A systematic review of literature (Journal of Management & Organization)
Do free trade agreements actually increase members' international trade? (Baier & Bergstrand)
Leadership styles around the world (World Economic Forum, Harvard Working Knowledge)