It generates an empty attribute tabe.
It produces:
000953 : Extent of the overlay operation will be empty.
000117 : Warning empty output generated
The output created or modified has no features. For instance, running the Delete Features or Delete Rows tool on a feature class or table would remove all the features or rows. A common occurrence of this warning occurs when the Extent (or XYDomain) environment has been set previously for a geographically distinct area. Since the Extent environment is used to limit the features used, an inappropriately set Extent environment could exclude all features.
How is it possible
Even working with ArcGIS over years, it can drive you crazy, but still I love it