In this paper we study the dependence of the set of ‘exterior’ eigenvalues {λk} of Δ on the geometry of the obstacle . In particular we show that the real eigenvalues, corresponding to purely decaying modes, depend monotonically on the obstacle , both for the Dirichlet and Neumann boundary conditions. From this we deduce, by comparison with spheres—for which the eigenvalues {λk} can be determined as roots of special functions—upper and lower bounds for the density of the real {λk}, and upper and lower bounds for λ1, the rate of decay of the fundamental real decaying mode. We also consider the wave equation with a positive potential and establish an analogous monotonicity theorem for such problems. We obtain a second proof for the above Dirichlet problem in the limit as the potential becomes infinite on . Finally we derive an integral equation for the decaying modes; this equation bears strong resemblance to one appearing in the transport theory of mono-energetic neutrons in homogeneous media, and can be used to demonstrate the existence of infinitely many modes.