In the first part of this series we characterized all linear operators on
spaces of multivariate polynomials preserving the property of being
non-vanishing in products of open circular domains. For such sets this
completes the multivariate generalization of the classification program
initiated by P\'olya-Schur for univariate real polynomials. We build on these
classification theorems to develop here a theory of multivariate stable
polynomials. Applications and examples show that this theory provides a natural
framework for dealing in a uniform way with Lee-Yang type problems in
statistical mechanics, combinatorics, and geometric function theory in one or
several variables. In particular, we answer a question of Hinkkanen on
multivariate apolarity.Comment: 32 page