Governments in virtually all developed countries subsidise “guided preparation” for entrepreneurial activity. Despite being so widespread, the evidence that this assistance enhances venture performance remains in dispute, primarily because of a lack of consensus over statistical approaches....

The paper derives the asymptotic distribution of the ordinary least squares estimator of cointegrating vectors with temporally aggregated time series. It is shown, that temporal aggregation reduces the bias and variance of the estimator for average sampling (temporal aggregation of flow series)...