Different from past research on country-of-origin effects that has focused on cognitive factors, this article examines the impact of incidental emotions and cognitive appraisals associated with these emotions on country-of-origin effects. Experiment 1 compared anger and sadness and demonstrated that country of origin influenced evaluations only in the angry ( vs. sad) condition where human ( vs. situation) control was high. Experiment 2 further identified the effects of agency control using a different emotion, frustration. Based on these observations, this article suggests that, like brands, countries also have equity associated with them, termed "nation equity," that has both performance and emotional components.