A study is presented of the long-time dynamical behaviour of the degen
erate parametric oscillator in the semiclassical and quantum regimes f
or various initial conditions. It is shown that the eigenstates of the
trilinear Hamiltonian lead to the collapse and revival phenomena as w
ell as the novel phenomena of fractional revivals in the photon statis
tics of the field modes. It is also demonstrated that fractional reviv
als become more prominent if the pump mode possesses sub-Poissonian st
atistics.