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On an earnings basis, however, the two deals appear comparable.
The Revenue would undoubtedly seek to drive through an earnings basis for the future.
On a normalized earnings basis, these stocks are trading at eight times earnings.
"It was the fastest-growing quarter on an earnings basis since the second quarter of 1993," he said.
"It was a terrific quarter on an earnings basis," said Charles Wolf, a financial analyst at Needham & Company.
"These are early-stage companies, so it's hard to look at them on an earnings basis, because they're still investing their money internally for growth," Mr. Mufson said.
On an assets and earnings basis, then, NBD shareholders made out better than First Chicago shareholders, getting half the combined company while providing about 40 percent of the assets and about 44 percent of profits.
He died a wealthy man,The probate value of Reed's estate was £21,305, which on the basis of the Retail Price Index (RPI) was worth approximately £1.75 million in 2010, or around £10 million on an average earnings basis.
The rationale behind this choice is that this earnings basis corresponds to the equity discount rate derived from the Build-Up or CAPM models: the returns obtained from investments in publicly traded companies can easily be represented in terms of net cash flows.