Might contain asbestos or might not. However, to be safe, I would err on the side that it could be likely that it might contain asbestos. This being for your own safety as well as the safety of others. Asbestos can also be contained in some dry wall tape, plaster, and wall–patching compounds as well as other substances. Please see the following site for at least a partial list of substances that contain asbestos.
Asbestos Network: Asbestos--Insulating, Cement, and Construction
I was advised of the possibility of exposure to asbestos when I went tearing into a wall in my own home to do repairs to a plumbing pipe. My home was built around 1915. Lots of horse hair in the plaster. However, that doesn't mean that asbestos fibers are not present in anything having to do with the construction of the wall. Also, there is the possibility of lead contamination as a result of disturbing any old paint that might be on the wall. To be perfectly sure and safe, I would recommend having the wall tested professionally for both asbestos as well as lead. There might be a kit that you could purchase in order to do the testing yourself. But, I'm not sure about that.
Asbestos and/or lead or not, please remember to wear a respirator mask when tearing into any kind of existing construction.