One of the important factors limiting solar-cell efficiency is that incident photons generate one electron-hole pair, irrespective of the photon energy. Any excess photon energy is lost as heat. The possible generation of multiple charge carriers per photon (carrier multiplication) is therefore of great interest for future solar cells 1 . Carrier multiplication is known to occur in bulk semiconductors, but has been thought to be enhanced significantly in nanocrystalline materials such as quantum dots, owing to their discrete energy levels and enhanced Coulomb interactions 1-3 . Contrary to this expectation, we demonstrate here that, for a given photon energy, carrier multiplication occurs more efficiently in bulk PbS and PbSe than in quantum dots of the same materials. Measured carriermultiplication efficiencies in bulk materials are reproduced quantitatively using tight-binding calculations, which indicate that the reduced carrier-multiplication efficiency in quantum dots can be ascribed to the reduced density of states in these structures.Carrier multiplication is the process in which the absorption of a single, high-energy photon results in the generation of two or more electron-hole pairs. The excess energy of the initially excited electron is used to excite a second electron over the bandgap, rather than being converted into heat through sequential phonon emission. Carrier multiplication is important for the operation for high-speed electronic devices 4 , but is especially relevant for solar cells 1 , because relaxation of hot carriers through phonon emission is a common loss mechanism in bulk semiconductor solar cells. In this context, semiconductor quantum dots are promising building blocks for future solar cells 1 . In addition to the size-tunability of the quantum-dot optical properties, the carrier-multiplication efficiency in quantum dots was reported to be much higher than in bulk materials, where the process is generally referred to as impact ionization. It has been argued that carrier multiplication is more efficient in nanostructured semiconductors owing to quantum-confinement effects causing (1) a slowing of the phonon-mediated relaxation channel 1 and (2) enhanced Coulomb interactions 2 , resulting from forced overlap between wavefunctions and reduced dielectric screening at the quantum-dot surface 3 . In recent years, several femtosecond spectroscopy studies have revealed highly efficient carrier multiplication in PbSe and PbS (refs 2, 5-9) (refs 18, 19) quantum dots. In initial studies, carrier-multiplication efficiencies may have been overestimated owing to several experimental complications, including too high excitation fluences (generating multiple carriers by sequential absorption of multiple photons), lack of stirring of quantum-dot suspensions (causing photo-induced charging) and sample-to-sample variability 19 . Furthermore, recent tight-binding calculations 20 suggest carrier multiplication in quantum dots is not only not enhanced relative to bulk, but is actually lower. Answering the...