Abstract:   Using meromorphic differentials with prescribed singular parts and real   periods on Riemann surfaces, we define a new foliation of M_g and give a   quick proof of the Diaz' bound on the dimension of complete   subvarieties of M_g. We will also discuss potential further application   of this foliation (motivated by the Whitham perturbation theory of   integrable systems) to the study of cohomology and subvarieties of M_g.   Joint work with Igor Krichever.