  Experiments show that for many two state folders the free energy of the
native state DG_ND([C]) changes linearly as the denaturant concentration [C] is
varied. The slope, m = d DG_ND([C])/d[C], is nearly constant. The m-value is
associated with the difference in the surface area between the native (N) and
the denatured (D) state, which should be a function of DR_g^2, the difference
in the square of the radius of gyration between the D and N states. Single
molecule experiments show that the denatured state undergoes an equilibrium
collapse transition as [C] decreases, which implies m also should be
[C]-dependent. We resolve the conundrum between constant m-values and
[C]-dependent changes in Rg using molecular simulations of a coarse-grained
representation of protein L, and the Molecular Transfer Model, for which the
equilibrium folding can be accurately calculated as a function of denaturant
concentration. We find that over a large range of denaturant concentration (> 3
M) the m-value is a constant, whereas under strongly renaturing conditions (< 3
M) it depends on [C]. The m-value is a constant above [C]> 3 M because the
[C]-dependent changes in the surface area of the backbone groups, which make
the largest contribution to m, is relatively narrow in the denatured state. The
burial of the backbone gives rise to substantial surface area changes below
[C]< 3 M, leading to collapse in the denatured state. The midpoint of
transition of individual residues vary significantly even though global folding
can be described as an all-or-none transition. Collapse driven by the loss of
favorable residue-solvent interactions and a concomitant increase in the
strength of intrapeptide interactions with decreasing [C]. These interactions
are non-uniformly distributed throughout the native structure of protein L.
