it depends if your language and code promotes:
LBYL (look before you leap)
or
EAFP (easier to ask forgiveness than permission)
LBYL says you should check for values (so return a null)
EAFP says to just try the operation and see if it fails (throw an exception)
though I agree with above.. exceptions should be used for exceptional/error conditions, and returning a null is best when using checks.
EAFP vs. LBYL in Python:
http://mail.python.org/pipermail/python-list/2003-May/205182.html
(Web Archive)