answer will vary based of crawlers, but you should keep your markup readable and less dynamic in areas you want crawler to read or you can follow the guidelines provided. For specific answer to your question:
Since 2009 Google looks for and finds OnClick links in any and all HTML tags. When found they will add the URL to their crawl.
If there is sensible "anchor" text then the text of the element will be used as anchor text.
The OnClick link also passes PageRank.
For more info: http://www.searchenginepeople.com/blog/onclick.html
http://seogadget.com/google-does-not-crawl-hidden-java-onclick/