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Implications of the $B \to X \ell \barν_\ell$ lepton spectrum for heavy quark physics

The shape of the lepton spectrum in inclusive semileptonic $B\to X\,\ell\,\barν_\ell$ decay is sensitive to matrix elements of the heavy quark effective theory, $\barΛ$ and $λ_1$. From CLEO data we extract $\barΛ=0.39\pm0.11\,$GeV and $λ_1=-0.19\pm0.10\,{\rm GeV}^2$, where the uncertainty is the $1σ$ statistical error only. Systematic uncertainties are discussed. These values for $\barΛ$ and $λ_1$ are used to determine $|V_{cb}|$ and the $\overline{\rm MS}$ bottom and charm quark masses. We discuss the theoretical uncertainties related to order $(Λ_{\rm QCD}/m_b)^3$ effects and higher orders in the perturbative expansion.