Stability of ordered phases in diblock copolymer melts is studied usin
g a theory of anisotropic fluctuations, which bears a useful similarit
y with energy band theory in solids. We calculated stability lines of
all ordered phases and found the hexagonally perforated lamellar phase
to be unstable around the lamellar-cylindrical (LC) phase boundaries.
We used fluctuation analysis to obtain dynamical pathways between ord
ered phases and argue that the observed modulated layered states along
LC boundary regions are due to infinitely degenerate fluctuation mode
s of the lamellar phase.