In 2007 the U.S. subprime mortgage crisis caused the global financial crisis which is serious affect the global financial markets and securities markets. Scott (2009) indicated that every country has already put this financial crisis down to the excess financial innovation or lack of financial supervision for the financial markets so that improving the financial regulation seems so necessary for the securities market. The Efficient Markets Hypothesis plays an important role in the financial crisis of 2007 to 2009 because of it direct related to the causes of subprime mortgage crisis. In addition the traditional financial theory thought that the securities investors should be rational for maximizing their returns. However with the development of the behavioral finance the researchers found out that the subjective factors of investors affect the decision-making for investment and stock pricing (Frankel 2009). It has pointed out that the behavioral finance can help and offer better explanations for the behavior of investors and financial markets.