Positive (Zero) NPV Projects and the Behavior of Residual Earnings
分析剩余收益的时间序列行为与正净现值机会（经济租金）的关系，反驳了Ohlson（1995）模型不允许正净现值机会的常见说法。
This paper analyzes the time‐series behavior of residual earnings as it relates to the existence of positive NPV opportunities (or ‘rents’). The issue is of interest because many recent papers (e.g., Lo and Lys, 1999; and Holthausen and Watts, 2001) have commented on it in the context of the Ohlson (1995) model. The analysis shows that the Ohlson (1995) model allows for positive NPV opportunities, contrary to the frequently made claims.