Firm a Is High-Risk, and Firm B Is Low-Risk

Firm A is high-risk, and Firm B is low-risk. Everything else equal, which firm would you expect to have a higher P/E ratio?

A) Firm A
B) Firm B
C) Both would have the same P/E if they were in the same industry.
D) There is not necessarily any linkage between risk and P/E ratios.