(;
AB[gb][cc][dc][ec][dd][md][od][ee][ef][ne][qe][df][ig][eh]
AW[nc][oc][pc][cd][ce][cf][ed][fd][hd][jd][nd][de][ch][dj]
C[How should Black continue after the marked exchange?

Source:
   "A Study", Nakayama Noriyuki
    AGJ, 2004 Yearbook, pp. 83-84]
TR[nc][ne]
(;
B[me]
C[Normally, Black should not allow White to cut here, so Black's connection is a basic joseki.

However, Black has missed an important opportunity.]
(;
W[mc]
C[White can cross under here.];
B[lc]
C[If Black continues with this hane, ...];
W[kc]
C[... White's clamp makes Black's plays completely ineffective.]
)
    (;
    W[lc]
    C[But note that following joseki here, by jumping out, is problematic. ];
    B[kc]
    C[Black has this strong response.];
    W[ld];B[mc];W[mb];B[kd]
    C[White can no longer link up.]
    )
)
    (;
    B[lc]
    C[Omitting the connection with this hane is particularly interesting for Black.]
    (;
    W[me]
    C[Black would welcome this cut.];
    B[le];W[mf];B[lf]
    C[Black smothers the marked stones to the left.]
    TR[ed][fd][hd][jd]
    )
        (;
        W[jf]
        C[One possible sequence here is White running out.];
        B[kh];W[lf];B[mf];W[le];B[me];W[lg];B[mi]
        C[Black is raining down punches from the left and right.]
        )
    )
)

