TABLE 6-RESOLUTION OF DEFAULT FOR THE DEFAULTING BONDS IN THE MATCHED SAMPLE OF 121 PAIRS OF INDUSTRIAL BONDS ISSUED DURING 1921-1929, BY TYPE OF UNDERWRITER How the default was resolved Bondholders Bond exchanged Bond exchanged for bond with lower face value or earnings paid in full for new bond contingent securities Firm liquidated Average and bondholders for the paid partially samples Underwriter Variable Affiliates number of defaults resolved (percentage of 3 11 8 5 defaults) (11.1) (40.7) (29.6) (18.5) value received on resolution 100 43.6 18.4 39.6 41.1 years from default to resolution Investment number of defaults 2 2 4.3 0.8 2.4 banks resolved 3 8 11 13 1 (percentage of defaults) (8.5) (22.9) (31.4) (37.1) value received on resolution 100 55.8 34.9 49.6 50.8 years from default to resolution 3 2.5 3.6 2.1 2.8 Note: Information on resolution is available for only 35 of the 39 investment-bank defaults and 27 of the 28 affiliate defaults