On hard exclusive reactions in the time-like region

The proton form factor, two-photon annihilations into pp as well as exclusive charmonium decays are critically examined. It is argued that the standard perturbative QCD analysis of these reactions fails, i.e. the need for additional contributions can convincingly be demonstrated. Possible dynamical mechanisms such as colour-octet admixtures to the charmonium states or diquarks inside baryons, are discussed and compared to the data. (orig.)