On hard exclusive reactions in the time-like region

The proton form factor, two-photon annihilations into $p\bar{p}$ as well as exclusive charmonium decays are critically examined. It will be 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, will be discussed and compared to the data.