The entanglement between the two beams exiting a Mach-Zehnder interferomete
r fed two squeezed states involves many photons. We evaluate the degree of
this multiphoton entanglement in terms of the excess entropy of the pure st
ate at the output. A novel kind of fourth-order correlation function based
on homodyne detection is suggested to reveal entanglement. Apart from the v
ery low signals regime homodyne-like detection shows a higher fringes visib
ility than the measurement of the coincidence counting rate.