We show that, in principle, a slowly evolving gravitationally collapsing
perfect fluid cloud can asymptotically settle to a static spherically symmetric
equilibrium configuration with a naked singularity at the center. We consider
one such asymptotic final configuration with a finite outer radius, and
construct a toy model in which it is matched to a Schwarzschild exterior
geometry. We examine the properties of circular orbits in this model. We then
investigate observational signatures of a thermal accretion disk in this
spacetime, comparing them with the signatures expected for a disk around a
black hole of the same mass. Several notable differences emerge. A disk around
the naked singularity is much more luminous than one around an equivalent black
hole. Also, the disk around the naked singularity has a spectrum with a high
frequency power law segment that carries a major fraction of the total
luminosity. Thus, at least some naked singularities can, in principle, be
distinguished observationally from black holes of the same mass. We discuss
possible implications of these results.Comment: 18 pages, 5 figures, replaced with published versio