Structure your answer by first setting up the hypothesis test and deriving the t-statistic with its standard error and degrees of freedom, then explain the theoretical reason it follows a t-distribution under classical assumptions, and finally discuss how violations like heteroskedasticity or clustering affect the test and reference distribution. Use clear, step-by-step reasoning and connect each part to the underlying statistical theory.
Pro tip: Emphasize that the t-test is exact under normality and homoskedasticity, but in practice with large samples or robust methods, the distinction between t and Z becomes less critical; however, for clustered data, the effective degrees of freedom can be much smaller, so using a t-distribution with adjusted df is crucial to avoid overconfidence.
State the null hypothesis that the coefficient for the feature is zero versus the alternative that it is not. Define the t-statistic as the estimated coefficient divided by its standard error.
Give the formula for the standard error of the coefficient: sqrt(sigma^2 * (X'X)^{-1}_{jj}), where sigma^2 is the estimated error variance. The degrees of freedom are n - k, where n is the sample size and k is the number of parameters including the intercept.
Under classical assumptions (normal errors, homoskedasticity, independent observations), the numerator is normally distributed and the denominator involves the square root of an independent chi-squared random variable divided by its degrees of freedom, yielding a t-distribution.
Using an estimated sigma introduces extra variability, making the test statistic more dispersed than a standard normal. The t-distribution has heavier tails to account for this uncertainty, especially in small samples.
Heteroskedasticity makes the usual standard error formula biased; use heteroskedasticity-robust (White) standard errors, and the test statistic is still compared to a t-distribution (or normal in large samples). Clustered data requires cluster-robust standard errors, and the reference distribution is often a t-distribution with degrees of freedom equal to the number of clusters minus one, or a normal approximation if clusters are many.
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