Before revision:   We prove that, as both the dimension of the panel n and the sample size T diverge to infinity , the estimated loadings , factors , and common components are \min(\sqrt n,\sqrt T\to \to  )-consistent and asymptotically normal  .
After revision:  We prove that, as both the dimension of the panel n and the sample size T diverge to infinity , the estimated loadings , factors , and common components are \min(\sqrt n,\sqrt T\to \to )-consistent and asymptotically normal regardless of the relative rate of divergence of n and T .