Probably no one knows, and it's probably impossible to conclude categorically one way or another. Sometimes, under some circumstances, it could be an advantage. Sometimes, under some circumstances, it could be a liability. We can all think of hypothetical situations in which open carry is one or the other; but no hypothetical is necessarily predictive of what will happen in real life.
Bottom line is that since there's no way of predicting exactly what will be happening to you today, when you leave your house and go about your business, there's no way of knowing whether carrying your gun openly today will be a good idea or a bad idea. So trying to decide whether to openly carry your gun on the basis of some supposed deterrence effect seems to be pretty much a waste of time.
There simply doesn't seem to be any really data, in a statistically meaningful sample, to allow us to draw meaningful conclusions.