2.1.1 [W3C-XSS] Section 3.3.1, The Element Declaration Schema Component
V0001:
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{value constraint} establishes a default or fixed value for an element. If default is specified, and if the element being ·validated· is empty, then the canonical form of the supplied constraint value becomes the [schema normalized value] of the ·validated· element in the ·post-schema-validation infoset·. If fixed is specified, then the element's content must either be empty, in which case fixed behaves as default, or its value must match the supplied constraint value.
MSXML6
If an element that is being validated includes a {value
constraint} value that is specified as default
and the element is empty, the default value is not supplied.