Before revision:  Under a strong factor assumption , it is shown that the common component can be consistently estimated but there will be four different convergence rates . Re-estimation of the factors from the imputed data matrix can accelerate convergence. A complete characterization of the sampling error is obtained without requiring regularization or imposing the missing at random assumption.
After revision:  Under a strong factor assumption , it is shown that the common component can be consistently estimated but there will be four different convergence rates . An asymptotic analysis of the estimation error is obtained without requiring regularization or imposing the missing at random assumption.