AbstractA characteristic function ΘT is defined, in terms of multianalytic operators on Fock spaces, for any noncontractive sequence T≔(T1,…,Td) (d∈N or d=∞) of operators on a Hilbert space H. It is shown that if ΘT is bounded, then it is unitarily equivalent to a compression of an orthogonal projection (on Kreı̆n spaces). This leads to a generalization of a theorem of Davis and Foiaş, to multivariable setting. More precisely, it is proved that if T has bounded characteristic function, then it is jointly similar to a contractive sequence of operators, i.e., there exists a similarity S∈B(H) such that the operator defined by the row matrix [ST1S−1ST2S−1…STdS−1] is a contraction.Motivated by the similarity problem, a multivariable dilation the...