Both execute the same way, because the SELECT clause in EXISTS is never evaluated. You can test using:
... EXISTS(SELECT 1/0 FROM TABLE)
This should cause a division by zero error, but will not.
I personally prefer to use NULL, because it is obvious that nothing is mentioned in the table, so it is more noticeable to others. Choosing a value, such as INT 1 in the second example, can lead to assumptions about what happens if they are not familiar with the EXISTS clause.
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