As a first detailed study on the basis of a recently found basic law for the non‐equilibrium energy flow in bounded media, we examine the absorption spectra of an excited semiconductor slab and present detailed calculations for its emission spectra in quasi‐equilibrium. The density of excited carriers is varied from the excitonic regime up to densities where gain appears.Different slab lengths are regarded, and the dependence on the angle of incidence is studied. The absorption and emission spectra follow the Fabry‐Perot resonances in the slab. Depending on its length, excitation, and the position of the resonances, the formation of sharp and strong emission lines is observed, and degeneracy effects become apparent. (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)