A sample hyperlink button for Windows Phone where the negative margins allow for a larger touch target.

NegativeMarginHyperlinkButtonSample.xaml

<Style
    x:Key="AccentHyperlink"
    TargetType="HyperlinkButton">
    <Setter Property="Foreground" Value="{StaticResource PhoneAccentBrush}" />
    <Setter Property="Background" Value="Transparent" />
    <Setter Property="FontSize" Value="{StaticResource PhoneFontSizeMedium}" />
    <Setter Property="FontFamily" Value="{StaticResource PhoneFontFamilySemiBold}" />
    <Setter Property="Padding" Value="0" />
    <Setter Property="Template">
        <Setter.Value>
                    <ControlTemplate TargetType="HyperlinkButton">
                        <Grid
                            Margin="-4"
                            IsHitTestVisible="True"
                            Background="Transparent">
                            <VisualStateManager.VisualStateGroups>
                                <VisualStateGroup
                                    x:Name="CommonStates">
                                    <VisualState
                                        x:Name="Normal" />
                                    <VisualState
                                        x:Name="MouseOver" />
                                    <VisualState
                                        x:Name="Pressed">
                                        <Storyboard>
                                            <DoubleAnimation
                                                Duration="0"
                                                Storyboard.TargetName="TextElement"
                                                Storyboard.TargetProperty="Opacity"
                                                To="0.5" />
                                        </Storyboard>
                                    </VisualState>
                                    <VisualState
                                        x:Name="Disabled">
                                        <Storyboard>
                                            <ObjectAnimationUsingKeyFrames
                                                Storyboard.TargetName="TextElement"
                                                Storyboard.TargetProperty="Foreground">
                                                <DiscreteObjectKeyFrame
                                                    KeyTime="0"
                                                    Value="{StaticResource PhoneDisabledBrush}" />
                                            </ObjectAnimationUsingKeyFrames>
                                        </Storyboard>
                                    </VisualState>
                                </VisualStateGroup>
                            </VisualStateManager.VisualStateGroups>
                            <Grid
                                Margin="4">
                                <Grid
                                Margin="{StaticResource PhoneHorizontalMargin}">
                                    <Grid
                                        Margin="{TemplateBinding Padding}">

                                        <TextBlock
                                            x:Name="TextElement"
                                            Text="{TemplateBinding Content}"
                                            HorizontalAlignment="{TemplateBinding HorizontalContentAlignment}"
                                            VerticalAlignment="{TemplateBinding VerticalContentAlignment}" />
                                    </Grid>
                                </Grid>
                            </Grid>
                        </Grid>
                    </ControlTemplate>
        </Setter.Value>
    </Setter>
</Style>