Contactless electroreflectance is applied to study the band gap (E0) and spin-orbit splitting (ΔSO) in InP1−xBix alloys with 0 < x ≤ 0.034. The E0 transition shifts to longer wavelengths very significantly (−83 meV/% Bi), while the E0 + ΔSO transition shifts very weakly (−13 meV/% Bi) with the rise of Bi concentration. These changes in energies of optical transitions are discussed in the context of the valence band anticrossing model and ab initio calculations. Shifts of E0 and E0 + ΔSO transitions, obtained within ab-initio calculations, are −106 and −20 meV per % Bi, respectively, which is in a good agreement with experimental results.

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