HYPERLINK bug when nested in an IF statement?

[LA Writer]

When I use a HYPERLINK call inside an IF statement, as the True value
the False value is created as a hyperlink too.

I thought this might be a problem with the parenthesis, but it seem
more like a bug in Excel which seems to be hyperlinking too far.

Here's the formula:

=IF(FileExists(CONCATENATE("S:\SOUND\",C174,".wav"))
HYPERLINK(CONCATENATE("S:\SOUND\",C174,".wav"),"play"),
"no file")

When the file does exist, I get a handy link to the actual file. Good.
When it doesn't I get a link that says _no_file_. Bad.

Any suggestions

 

[LA Writer]

I found a "work-around" to my own question, so I'll post it here in case
someone searches on the same problem...

Instead of placing "no file" in the False parameter, I added the null
string "". This leaves the cell blank when no file exists, and places
the hyperlink when the file does exist.

Good luck to everybody else... unfortunately, messages sink too fast in
this site.