Form factors and QCD in spacelike and timelike regions

We analyze the basic hard exclusive processes, the pi gamma* gamma -transition and the 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 acquires a phase factor curd investigate the resulting interference effects which an shown to be very small. We find 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 noncanceling Sudakov double logarithms which result in a K-factor-type enhancement in the timelike region.