Cross bidders: defined as those cross bidders who are never the highest bidder of more than one auctions (type I)
For minute data:
For hourly data:
For daily data:
At 0.01 level, for minute data and daily data, winners who bid across competing auctions pay lower price than other bidders. Those winners who cross bid pay a price that is 10% lower. For hourly data, the price paid by winners who cross bid and who do not cross bid are not significantly different.