We have performed resonant fs pump-probe measurements on (Zn, Cd)Se/Zn
Se quantum wells. The exciton system is spin-polarized by means of cir
cularly polarized excitation. Along with a spin coherence loss, bi-exc
iton formation sets in. A spin relaxation time of 12.5 +/- 2 ps and a
bi-exciton formation parameter of 1 x 10(-11) cm(2)/ps can be deduced.
For higher densities, we find a much faster spin reversal accompanied
by a rapid gain evolution (gain coefficient approximate to 1 x 10(4)
cm(-1)) already for 500 fs delay time. Non-spin-conservative exciton-e
xciton scattering mediated by the electron-hole exchange interaction i
s proposed as origin. In addition, time-resolved four-wave mixing is d
emonstrated to be a powerful tool to determine the bi-exciton binding
energy distribution in the disorder-induced potential landscape. (C) 1
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