Conditional asset pricing models were used to see if value stocks are riskier than growth stocks. The study found that the results depend on the information used to define good and bad states of the world. In most cases, value stocks are not riskier than growth stocks. Other anomalies like size, issuance, momentum, and asset growth portfolio returns also do not seem to be due to risk. Overall, it suggests that these anomalies in the stock market are not caused by risk.