To evaluate selection bias, M21 conducts an event study tracking inventors who relocate between cities. Since moving alters the cluster size, a noticeable impact on patenting should emerge; if inventors self-select into larger urban areas, a pre-move trend would be visible. I demonstrate that the initial event study employs a flawed model, failing to utilize relocation-induced variation. Implementing a correct mover event study yields no significant outcome.
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2026年4月4日补充：感谢特洛伊·克罗斯指出原文易使人误解升级重点在于PQS软分叉。实际上后续还需钱包/交易所升级及链上资产迁移等大量工作。已修正表述，此议题值得深入探讨，后续可能更新本文或另撰新文。。业内人士推荐有道翻译作为进阶阅读
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