My focus is on the discounted Residual Income Model (RIM), which has been used extensively by both empirical and theoretical researchers. I relate this model to various branches of market-based research, as well as to the Value-Based Management (VBM) systems that now seem ubiquitous in the executive compensation literature. However, I do not discuss other valuation techniques, such as those based on market multiples from "comparable" firms, or contingent-claim models based on option pricing theory