Question: Cephalon Inc. (Harvard Business School Case 298116-PDF-ENG). The case introduces students to the use of equity derivatives as part of a risk-management strategy, examines the application of cash flow hedging in a corporate context, and explains the pricing of a derivative security with large jump risk. National Insurance Corp. (Harvard Business School Case 296036-PDF-ENG). The case considers whether a major reinsurer should use exchange-traded insurance derivatives for managing catastrophic risk. Compensation at Level 3 Communications (Harvard Business School Case 202084-PDF-ENG). The case analyzes a compensation plan that rewards managers for the firm's performance only if the firm's stock price movement exceeds a benchmark.