White Center

The Rodney L . White Center

The Rodney L. White Center for Financial Research

The Modified Golden Rule, which relates the rate of return on capital and the growth rate of the capital stock along long-run growth paths that maximize the utility of a representative infinitely-lived consumer, is invariant to the introduction of convex capital adjustment costs. Therefore, along balanced growth paths in neoclassical optimal growth models with an exogenous long-run growth rate ...

The TerraSwarm Research Center ( TSRC ) ( A White Paper )

Oracle In-Memory Logistics Command Center - White Paper

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The Rodney L. White Center for Financial Research Debt Restructuring and Voting Rules

The voting arrangements used by creditors during debt restructuring are prespecified, often by statute. For example, U.S. law stipulates unanimous agreement outside bankruptcy, but allows for a supermajority vote in Chapter 11 bankruptcy. We analyze the effect of voting rules on the welfare of debtors and their creditors in restructuring negotiations. When markets are liquid, the “toughness” en...