I'll tell you my personal experience. Back in my days of erector engineer, I worked in the erection of an oil refinery located in a seismic nº 4 area. Seismic nº 4 means that the worst earthquakes in the world can occur there.
The underground drainage piping system was all cast iron bell and spigot. Granted, it was 6 inches in diameter and not 48. However, from intuition I'd say that because bell and spigot joints allow some flexibility that welding does not, bell and spigot piping can accomodate to the seismic movements of a light earthquake better than welded one.
The designer of the refinery was The Lummus Company (now ABB Lummus) people who know what they're doing.
Giovanni S. Crisi
Sao Paulo - Brazil