Before revision:  We show that this problem may lead to serious underestimation of the Copula parameter . We propose a modification to obtain a consistent estimatorin case of Elliptical Copula or to reduce the bias significantly in case of general copulas .
After revision:  We show that this problem may lead to serious underestimation of the copula parameter and use a quadratic model to propose an improved estimator. In simulations, the proposed estimator reduces the bias significantly for a general class of copulas. We apply the proposed methods to real data of several stock prices .