A well-written white paper can help establish authority in the reader’s view by laying out how the solution works to the user’s benefit, in a way that makes sense to the decision-maker. White papers written to foster understanding (rather than sell) can position your company as the authority on a particular topic in a way that is friendly, accessible, and also meaningful. This format allows you to go deeper detail, answering common questions and concerns and describing specifically how the benefits have played out for others.
Following to the link kindly provided by Osama Rahil - in my understanding "White Paper" is something like a set of slogans. We were used to such things in Russia:
like - "We will build the communistic society" (this slogan was on one of the central squares and I was lucky to see how in mid-night it was removed. Another one also very popular: "We will produce meat and milk - twice more than the USA"
(we did - by killing almost all the cows. Next year was the hungriest since Revolution in Russia. DO NOT READ White Papers of the above mentioned sort.
Indeed: "White Paper" by definition is an empty-paper, an empty-promise-paper.
White papers can be useful as a medium for early dissemination of information. As always one has to be cognizant of of who sponsored the research (i.e., the funding person or company) and if there are hidden agendas or motivations behind publishing the information (e.g., advertising motive with a commercial twist).