Before revision:  Its properties are distribution-dependent: the expected total drawdown duration is smaller for heavy-tailed returns than for Gaussian ones. As a consequence, in leptokurtic market conditions, the new estimator yields smaller Sharpe ratios than moment-based estimators, which implies that the standard estimator overestimates the information content of prices when the return distribution has heavy tails.
After revision:  Its properties are distribution-dependent: the expected total drawdown duration is smaller for heavy-tailed price returns. We then use this quantity to infer an analytic expression of the the bias of moment-based estimators, which implies that the standard estimator overestimates the information content of prices when the return distribution has heavy tails.