In the following circuit, what would be the single-ended \$A_{cm}\$? I realise that there would be no current through \$R_e\$ in common mode and that this is a CE (Common Emitter). However, I am not sure whether the single-ended \$A_{cm}\$ should be
\$-\alpha\cdot R_{c1}/(r_{e5}+r_{o3})\$
or rather
\$-\alpha\cdot R_{c1}/(r_{e5}+2r_{o3})\$
