Even order periodic operators on the real line

We consider $2p\ge 4$ order differential operator on the real line with a periodic coefficients. The spectrum of this operator is absolutely continuous and is a union of spectral bands separated by gaps. We define the Lyapunov function, which is analytic on a p-sheeted Riemann surface. The Lyapunov function has real or complex branch points. We prove the following results: (1) The spectrum at high energy has multiplicity two. (2) Endpoints of all gaps are periodic (or anti-periodic) eigenvalues or real branch points. (3) The spectrum of operator has an infinite number of open gaps and there exists only a finite number of non-real branch points for some specific coefficients (the generic case). (4) The asymptotics of the periodic, anti-periodic spectrum and branch points are determined at high energy.