IIRC, based on yeast biochemistry, low temps don't cause them to create off-products (biochemical "side reactions"). Low temps usually cause yeast to go into suspended animation, but the reason -- once again, IIRC -- that they make off-flavors and such when temperatures are high is because certain enzymes' activity levels are increased/decreased at higher temperatures due to the entropy of protein dynamics, i.e. -- higher Brownian energy (temp.) favors alternate (non-native) protein shape and affects enzyme affinity for substrate.
Or I could be talking out my nether orifice!
I'm pretty sure too cold of temps just slows the yeasty-beasties down, and shouldn't lead to extra fusels or other side-reactions.