We study the dependence of the chirp parameter on heavy- and light-hole energy splitting by analyzing the change in the absorption curve of different InGaAs/InAlAs p-i-n multiple quantum well structures designed for use in amplitude modulators. We observe, for the transverse electric mode, a high chirp parameter for the sample whose fundamental transition involves the light hole, whereas for samples whose fundamental transition involves the heavy hole, the more polarization sensitive the samples are, the smaller the chirp parameter is. This indicates that it is not possible to have tensile strained InGaAs/InAlAs multiple quantum well structures for electro-absorptive modulators which are simultaneously chirp-free and polarization independent.