Industry cluster in stock market are different from the traditional physical
industry cluster. The cluster in financial asset is probably means there no operate in
host area. We propose the stock market industry cluster support the cross-listing firm
in host exchange seeking because the correlation between domestic firm and foreign
firm can describe the industry attraction. The market performance in domestic firms
can predict the market performance in foreign firms. We also explain the difference
between industries has originated information environment although the information
environment frame is same in one exchange. The Nasdaq date give us the obviously
sample because the analyst coverage has centralize more the half in one industry but
the percentage of listing number less one quarter.
