Tensor Algebras, Induced Representations, and the Wold Decomposition Our objective in this sequel to \cite{MSp96a} is to develop extensions, to representations of tensor algebras over $C^{*}$-correspondences, of two fundamental facts about isometries on Hilbert space: The Wold decomposition theorem and Beurling's theorem, and to apply these to the analysis of the invariant subspace structure of certain subalgebras of Cuntz-Krieger algebras. Keywords:tensor algebras, correspondence, induced representation, Wold decomposition, Beurling's theoremCategories:46L05, 46L40, 46L89, 47D15, 47D25, 46M10, 46M99, 47A20, 47A45, 47B35