Yes, you may monitor this exception if your DropDownList WebControl is initialized programmatically, like
ddlDocumentState.DataValueField = "StateId";
ddlDocumentState.DataTextField = “StateName";
ddlDocumentState.DataSource = stateList;
ddlDocumentState.DataBind(); // <— here is exception thrown
If the data source doesn’t include an element with empty string as value, the above mentioned exception is thrown.
The problem is solved with setting SelectedValue of the DropDownList to null:
ddlDocumentState.DataValueField = "StateId";
ddlDocumentState.DataTextField = “StateName";
ddlDocumentState.SelectedValue = null; // <- added to solve
// the problem
ddlDocumentState.DataSource = stateList;
ddlDocumentState.DataBind(); // <— here is no more exception
Enjoy!