We determine the efficiencies for the formation of excitons and charge carriers following ultrafast photoexcitation of a semiconducting polymer (MEH-PPV). The simultaneous, quantitative determination of exciton and charge photoyields is achieved through subpicosecond studies of both the real and the imaginary components of the complex conductivity over a wide frequency range. Predominantly excitons, with near-unity quantum efficiency, are generated on excitation, while only a very small fraction ( < 10 ÿ2 ) of free charges are initially excited, consistent with rapid ( 100 fs) hot exciton dissociation. These initial charges are very short lived, decaying on subpicosecond time scales. DOI: 10.1103/PhysRevLett.92.196601 PACS numbers: 72.80.Le, 71.35.Aa, 73.50.Gr, 73.61.Ph Since their discovery in the 1970s, semiconducting conjugated polymers have received considerable interest owing to their potential in technological applications, particularly in electronics [1]. These materials have many advantages over conventional semiconductors: They are low cost, easy to process, lightweight and malleable, and have shown significant promise in lightemitting diodes [2], photovoltaics, and laser optics [3]. Despite their widespread optical applications, the nature of the photoexcitation physics in these materials is currently subject to intense debate [4 -6]. One of the key questions that has remained controversial is whether, initially upon photoexcitation, excitons or charge carriers are primarily formed. From photoconductivity measurements [7], it is evident that free charges are formed, but the mechanism and efficiency of free charge formation remains polemical: Some studies suggest that excitons (Coulombically bound electron-hole pairs) are the primary photoexcitation product, which may dissociate into free charges after migration to electron (or hole) accepting defects, by absorption of a second photon or by bimolecular exciton-exciton annihilation [8,9]. Other studies suggest electron-hole pairs as the direct and predominant initial excitation product [10]. This apparent contradiction may be related to the selective sensitivity of different experimental approaches: For example, photoconductivity (PC) measurements [7] are sensitive only to free charges (responsible for real conductivity), whereas transient absorption (TA) and stimulated emission (SE) measurements [11][12][13] can probe excitons (bound electron-hole pairs responsible for imaginary conductivity). However, the simultaneous detection of the real and imaginary conductivity with sufficient time resolution is necessary to allow a quantitative comparison of both free and bound charges upon photoexcitation. The relatively recent technique of terahertz time domain spectroscopy [14] (THz-TDS) provides this opportunity.In this Letter we present the first investigation of a semiconducting polymer using THz-TDS. This technique allows us to monitor the evolution of free and bound charges on subpicosecond time scales following photoexcitation, through the time-depen...