Plotkin's v -calculus for call-by-value programs is weaker than the fij- calculus for the same programs in continuation-passing style (CPS). To identify the callby -value axioms that correspond to fij on CPS terms, we define a new CPS transformation and an inverse mapping, both of which are interesting in their own right. Using the new CPS transformation, we determine the precise language of CPS terms closed under fij-transformations, as well as the call-by-value axioms that correspond to the so-called administrative fij-reductions on CPS terms. Using the inverse mapping, we map the remaining fi and j equalities on CPS terms to axioms on call-by-value terms. On the pure (constant free) set of-terms, the resulting set of axioms is equivalent to Moggi's computational -calculus. If the call-by-value language includes the control operators abort and call-with-current-continuation, the axioms are equivalent to an extension of Felleisen et al.'s v-C-calculus and to the equational subtheory of Talcott's logic IOCC. Contents 1 Compiling with and without Continuations 4 2 : Calculi and Semantics 7 3 The Origins and Practice of CPS 10 3.1 The Original Encoding : : : : : : : : : : : : : : : : : : : : : 10 3.2 The Universe of CPS Terms : : : : : : : : : : : : : : : : : : 11 4 A Compacting CPS Transformation 13

Compilers for higher-order programming languages like Scheme, ML, and Lisp can be broadly characterized as either "direct compilers" or "continuation-passing style (CPS) compilers", depending on their main intermediate representation. Our central result is a precise correspondence between the two compilation strategies. Starting from