After a brief review of the heavy quark effective theory, we give consideration on behavior of the Isgur-Wise function which plays a central role in semileptonic decays of bottomed hadrons. Relations between the Bjorken sum rules and the results from the spectator model is shown and their physical interpretation is given. We also show a possible threshold effect in the Isgur-Wise function and point out that this threshold effect may significantly affect the model-independent determination of Kobayashi-Maskawa matrix element |V_<cb>|.
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