If you create a link in a single line 
text/Multiple line text column of library ,it is not formatted right in the list 
view. Here it a small jQuery script to fix this issue.
The code in the calculated column “Link” looks like this:
"<a title='The mouseover text goes here' href='"&URL&"'>"&Description&"</a>"
The list view looks like this before the script is added:
![Image1.jpg]()
And like this after the script is added:
![Image2.jpg]()
Add a CEWP below the list view like this:
![Image3.jpg]()
With this code:
<script
type="text/javascript">
// Updated 
19.11.2009
// Reformat 
the url in the calculated column
reformatCalculatedColumnUrl();
 
function 
reformatCalculatedColumnUrl(){
$(".ms-listviewtable 
td.ms-vb2:contains('href')").each(function(){
$(this).html($(this).text())
});
}
 
// If 
grouped by the calculated column - reformat the group header
var 
groupHeaderClickableLink = true; 
// Set to false to remove the link 
on the groupheader
$(".ms-listviewtable 
td[class^='ms-gb']").each(function(){
if($(this).html().indexOf('<')>0){
// Get full 
HTML of group header
var 
rawHTML = $(this).html();
// Extract 
the part before the calculated column's content
var 
preWrap = rawHTML.substring(0,rawHTML.indexOf("<"));
// Extract 
the part after the calculated column's content
var 
postWrap = rawHTML.substring(rawHTML.lastIndexOf('>')+4);
 
if(!groupHeaderClickableLink){
// Find the 
clickable part of the calculated column's content 
var 
linkTextStart = rawHTML.indexOf('>') + 4;
var 
linkTextStop = rawHTML.lastIndexOf('<');
var 
linkText = rawHTML.substring(linkTextStart,linkTextStop);
// Write 
back the HTML
$(this).html(preWrap 
+ linkText + postWrap);
}else{
// Find the 
clickable part of the calculated column's content 
var 
linkStart = rawHTML.indexOf('<');
var 
linkStop = rawHTML.lastIndexOf('>') + 4;
// Find raw 
link 
var 
rawLink = rawHTML.substring(linkStart,linkStop);
// Find the 
parts to keep
var 
pre = rawLink.substring(0,rawLink.indexOf('href=') 
+ 6);
var 
mid = rawLink.substring(rawLink.lastIndexOf('href=')+6,rawLink.indexOf('>')-1);
var 
post = rawLink.substring(rawLink.indexOf('>')-1);
// Get the 
full url and replace the < and >
var 
fullUrl = (pre + mid + post).replace(/</g,'<').replace(/>/g,'>');
// Write 
back the HTML
$(this).html(preWrap 
+ fullUrl + postWrap); 
}
}
});
 
// Disable 
the filter for the field named "Link"
$(".ms-viewheadertr 
table[displayname='Link']").parents('th:first').removeClass('ms-vh2').addClass('ms-vh2-nograd').html("Link");
 
// Attaches 
a call to the function "reformatCalculatedColumnUrl" to the "expand grouped 
elements function" for it to function in grouped listview's
function 
ExpGroupRenderData(htmlToRender, groupName, isLoaded){
var 
tbody=document.getElementById("tbod"+groupName+"_");
var 
wrapDiv=document.createElement("DIV");
wrapDiv.innerHTML="<TABLE><TBODY 
id="tbod"+groupName+"_" 
isLoaded=""+isLoaded+"">"+htmlToRender+"</TBODY></TABLE>";
tbody.parentNode.replaceChild(wrapDiv.firstChild.firstChild,tbody);
reformatCalculatedColumnUrl();
}
</script>
 
Field with DisplayName "Link" – you must insert your own field's DisplayName 
here.
The jQuery-library is found
here. 
Jquery is also attached with it.