  We analyze the basic hard exclusive processes: \pi\gamma*\gamma - transition,
pion and nucleon electromagnetic form factors, and discuss the analytic
continuation of QCD formulas from the spacelike q^2<0 to the timelike region
q^2 >0 of the relevant momentum transfers. We describe the construction of the
timelike version of the coupling constant \alpha_s. We show that due to the
analytic continuation of the collinear logarithms each eigenfunction of the
evolution equation acqiures a phase factor and investigate the resulting
interference effects which are shown to be very small. We found no sources for
the K-factor-type enhancements in the perturbative QCD contribution to the
hadronic form factors. To study the soft part of the pion electromagnetic form
factor, we use a QCD sum rule inspired model and show that there are
non-canceling Sudakov double logarithms which result in a K-factor-type
enhancement in the timelike region.
