If you want an event or a link to an empty javascript call, there are several ways, of which I can think of:
<a href="#">Method 1</a>                    <- Ugh... changes URL in browser
<a href="javascript:;">Method 1</a>         <- My currently preferred method
<a href="javascript:void(0);">Method 1</a>  <- Another approach?
What is the best way in terms of cross-browser compatibility and shortness?
Don't use links if they don't... well, link to anything.
Instead, use a span somewhat like this:
<span class="spanlink" onclick=something>This is some text</span>
And in your CSS:
.spanlink {
    text-decoration: underline;
    color: blue;
    cursor: pointer; /* Ragnagord's suggestion in comments */
}
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