You cannot just execute that script in the address bar. It needs to operate on a document, but there is nothing to replace there. Executing javascript from the address bar will give you a new empty document on which that code operates.
Even if you try to load a document from javascript, the rest of your script gets executed first. Try this:
javascript:window.location='http://www.google.com';alert(document.innerHTML);
You'll see that the alert pops up before the page is loaded, and it shows 'undefined'.
Even when you try binding to the onload event of the document or the window it won't work. Probably because they are reset afterwards.
javascript:window.location='http://www.google.com';window.onload=function(){alert(document.innerHTML);};
And it makes sense; if this would work, you could manipulate the next page when jumping to that page, thus making it possible to inject javascript in a page you link to. That would be a big security issue, so it's a good thing this doesn't work.