The study of homonymy is vital to resolving fundamental problems in lexical semantics. In this paper, we propose four hypotheses that characterize the unique behavior of homonyms in the context of translations, discourses, collocations, and sense clusters. We present a new annotated homonym resource that allows us to test our hypotheses on existing WSD resources. The results of the experiments provide strong empirical evidence for the hypotheses. This study represents a step towards a computational method for distinguishing between homonymy and polysemy, and constructing a definitive inventory of coarse-grained senses.