We study communication systems over band-limited Additive White Gaussian Noise (AWGN) channels in which the transmitter output is constrained to be symmetric binary (bi-polar). In this work we improve the original Ozarov-Wyner-Ziv (OWZ) lower bound on capacity by introducing a new achievability scheme with two advantages over the studied OWZ scheme which is based on peak-power constrained pulse-amplitude modulation. Our scheme achieves a moderately improved information rate and it does so with much less sign transitions of the binary signal. The gap between the known upper-bound based on spectral constrains of bi-polar signals and our achievable lower bound is reduced to 0.86 bits per Nyquist interval at high SNR.
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