CdS colloidal nanocrystals with an average size of 4.5 nm and oleic acid as surfactant were studied using photoluminescence spectroscopy and time-correlated single photon counting technique at different temperatures. Observed spectra revealed three thermally activated luminescence bands at 2.15, 1.76, and 1.37 eV in addition to conventional band edge recombination of the nanocrystals. We present a kinetic model based on concept of single emitters which quantitatively describes the luminescence of the ensemble of the nanocrystals in the temperature range 10–300 K. We determined activation energies (18.2 and 8.6 meV) for transitions responsible for the luminescence. The 1.76 eV band most probably emerges from the intrinsic defects on the surface of CdS, whereas bands at 2.15 and 1.37 eV result from the influence of oleic acid bonded to the surface of the nanocrystals.
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