Emotions have a pervasive impact on organizational behavior. They do not just influence people’s own actions; when expressed, emotions may also exert influence on other organization members who perceive the expressions. Sometimes emotional expressions have ‘symmetrical’ effects, in that positive expressions yield advantageous outcomes for the expresser, while negative expressions produce disadvantageous outcomes. In other cases effects are ‘asymmetrical’, such that negative emotional expressions generate beneficial outcomes for the expresser, while positive expressions produce detrimental outcomes. Drawing on Emotions as Social Information (EASI) theory, I develop a theoretical analysis of when and how expressions of anger and happiness generate symmetrical versus asymmetrical effects. I support my analysis with a review of empirical research on the interpersonal effects of anger and happiness in negotiations and leadership. This review permits two general conclusions: (1) symmetrical effects of anger and happiness are mediated by affective reactions of perceivers, whereas asymmetrical effects are mediated by inferential processes in perceivers; (2) the relative strength of affective reactions versus inferential processes (and thereby the likelihood of symmetrical versus asymmetrical effects) depends on the perceiver’s information processing motivation and ability and on the perceived appropriateness of the emotional display. I discuss theoretical implications and future directions.