it depends on type of encoding...

if to represent 1 bit, 2 voltage changes needed then baud_rate=2*bit_rate(as in case of manchester), similiarly if to represent 1 bit, 4 voltage changes are needed, baud_rate=4*bit_rate..

if to represent 1 bit, 2 voltage changes needed then baud_rate=2*bit_rate(as in case of manchester), similiarly if to represent 1 bit, 4 voltage changes are needed, baud_rate=4*bit_rate..