  In this paper, we begin our discussion with some of the well-known methods
available in the literature for the estimation of the parameters of a
univariate/multivariate stable distribution. Based on the available methods, a
new hybrid method is proposed for the estimation of the parameters of a
univariate stable distribution. The proposed method is further used for the
estimation of the parameters of a strictly multivariate stable distribution.
The efficiency, accuracy, and simplicity of the new method is shown through
Monte-Carlo simulation. Finally, we apply the proposed method to the univariate
and bivariate financial data.
