Comparing quantum black holes and naked singularities
  There are models of gravitational collapse in classical general relativity which admit the formation of naked singularities as well as black holes. These include fluid models as well as models with scalar fields as matter. Even if fluid models were to be regarded as unphysical in their matter content, the remaining class of models (based on scalar fields) generically admit the formation of visible regions of finite but arbitrarily high curvature. Hence it is of interest to ask, from the point of view of astrophysics, as to what a stellar collapse leading to a naked singularity (or to a visible region of very high curvature) will look like, to a far away observer. The emission of energy during such a process may be divided into three phases - (i) the classical phase, during which matter and gravity can both be treated according to the laws of classical physics, (ii) the semiclassical phase, when gravity is treated classically but matter behaves as a quantum field, and (iii) the quantum gravitational phase. In this review, we first give a summary of the status of naked singularities in classical relativity, and then report some recent results comparing the semiclassical phase of black holes with the semiclassical phase of spherical collapse leading to a naked singularity. In particular, we ask how the quantum particle creation during the collapse leading to a naked singularity compares with the Hawking radiation from a star collapsing to form a black hole. It turns out that there is a fundamental difference between the two cases. A spherical naked star emits only about one Planck energy during its semiclassical phase, and the further evolution can only be determined by the laws of quantum gravity. This contrasts with the semiclassical evaporation of a black hole. 
T. P. Singh