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Effective-mass theory is used to calculate electric-field-induced changes in optical refraction and absorption (the Franz-Keldysh effect) in five direct-gap III-V semiconductors: InP, GaAs, GaSb, InAs, and InSb, covering the 0.88 to 10 μm wavelength range. The magnitude of the effect is determined by fitting experimental absorption data. Results are given for photon energies from the band gap to 100 meV below the gap for applied electric fields from to V/cm. Values of and as large as 10-3to 10-2are found. The results are applicable to integrated-optic devices including switches and modulators.