Methods and systems for monitoring band structure characteristics and predicting electrical characteristics of a sample early in a semiconductor manufacturing process flow are presented herein. High throughput spectrometers generate spectral response data from semiconductor wafers. In one example, the measured optical dispersion is characterized by a Gaussian oscillator, continuous Cody-Lorentz model. The measurement results are used to monitor band structure characteristics, including band gap and defects such as charge trapping centers, exciton states, and phonon modes in high-K dielectric layers and embedded nanostructures. The Gaussian oscillator, continuous Cody-Lorentz model can be generalized to include any number of defect levels. In addition, the shapes of absorption defect peaks may be represented by Lorentz functions, Gaussian functions, or both. These models quickly and accurately represent experimental results in a physically meaningful manner. The model parameter values can be subsequently used to gain insight and control over a manufacturing process.