I've found that the most effective links are written like headings, not part of sentences at all. I've found that putting links in sentences reduces readability and clickability.
How to write a great web link - article by Gerry McGovern
Why web links are calls to action - article by Gerry McGovern
Links are New Yorkers (Writing great web links) - article by Gerry McGovern
Links should embody the action... People only read as much as they absolutely have to before clicking... Lead with the need. Start with the most essential information.