diff --git a/src/Mustache/Compiler.php b/src/Mustache/Compiler.php
index 43fedccb..2fa1a736 100644
--- a/src/Mustache/Compiler.php
+++ b/src/Mustache/Compiler.php
@@ -506,7 +506,7 @@ private static function onlyBlockArgs(array $node)
 
     const VARIABLE = '
         $value = $this->resolveValue($context->%s(%s), $context);%s
-        $buffer .= %s%s;
+        $buffer .= %s($value === null ? \'\' : %s);
     ';
 
     /**
diff --git a/test/Mustache/Test/CompilerTest.php b/test/Mustache/Test/CompilerTest.php
index 6fd1986f..c07a0d45 100644
--- a/test/Mustache/Test/CompilerTest.php
+++ b/test/Mustache/Test/CompilerTest.php
@@ -56,7 +56,7 @@ public function getCompileValues()
                 array(
                     "\nclass Monkey extends Mustache_Template",
                     '$value = $this->resolveValue($context->find(\'name\'), $context);',
-                    '$buffer .= $indent . call_user_func($this->mustache->getEscape(), $value);',
+                    '$buffer .= $indent . ($value === null ? \'\' : call_user_func($this->mustache->getEscape(), $value));',
                     'return $buffer;',
                 ),
             ),
@@ -76,7 +76,7 @@ public function getCompileValues()
                 array(
                     "\nclass Monkey extends Mustache_Template",
                     '$value = $this->resolveValue($context->find(\'name\'), $context);',
-                    '$buffer .= $indent . htmlspecialchars($value, ' . ENT_COMPAT . ', \'ISO-8859-1\');',
+                    '$buffer .= $indent . ($value === null ? \'\' : htmlspecialchars($value, ' . ENT_COMPAT . ', \'ISO-8859-1\'));',
                     'return $buffer;',
                 ),
             ),
@@ -96,7 +96,7 @@ public function getCompileValues()
                 array(
                     "\nclass Monkey extends Mustache_Template",
                     '$value = $this->resolveValue($context->find(\'name\'), $context);',
-                    '$buffer .= $indent . htmlspecialchars($value, ' . ENT_QUOTES . ', \'ISO-8859-1\');',
+                    '$buffer .= $indent . ($value === null ? \'\' : htmlspecialchars($value, ' . ENT_QUOTES . ', \'ISO-8859-1\'));',
                     'return $buffer;',
                 ),
             ),
@@ -123,7 +123,7 @@ public function getCompileValues()
                     "\nclass Monkey extends Mustache_Template",
                     "\$buffer .= \$indent . 'foo\n';",
                     '$value = $this->resolveValue($context->find(\'name\'), $context);',
-                    '$buffer .= htmlspecialchars($value, ' . ENT_COMPAT . ', \'UTF-8\');',
+                    '$buffer .= ($value === null ? \'\' : htmlspecialchars($value, ' . ENT_COMPAT . ', \'UTF-8\'));',
                     '$value = $this->resolveValue($context->last(), $context);',
                     '$buffer .= \'\\\'bar\\\'\';',
                     'return $buffer;',