Suppose you have the following file:
(* test.ml *)
module X = Stdlib
module Y = X
module Z = struct
let x = 1
end
module T = Z
(** {!X} {!Y} {!Z} {!T} *)
and you compile its doc without access to stdlib:
$ odoc compile test.cmt
$ odoc link test.odoc
$ odoc html-generate test.odocl -o html
Then no warnings will be emitted, but the first two references (to X and Y) will generate a link to a non existent page. The references to Z and T both link to the expansion of Z.
Linked with #1106.