diff --git a/CHANGELOG.md b/CHANGELOG.md
index c28536da..fd55fa3e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,7 @@ Features:
 
 Fixes:
 
+- [#2307](https://github.com/rails-api/active_model_serializers/pull/2307) Falsey attribute values should not be reevaluated.
 
 Misc:
 
diff --git a/lib/active_model/serializer/lazy_association.rb b/lib/active_model/serializer/lazy_association.rb
index fd596ff8..5c9eb503 100644
--- a/lib/active_model/serializer/lazy_association.rb
+++ b/lib/active_model/serializer/lazy_association.rb
@@ -13,7 +13,8 @@ module ActiveModel
       end
 
       def object
-        @object ||= reflection.value(
+        return @object if defined?(@object)
+        @object = reflection.value(
           association_options.fetch(:parent_serializer),
           association_options.fetch(:include_slice)
         )