Emulsions are provided which are useful in imparting water-resistance to gypsum wood fiber products. In one embodiment, the emulsions comprise a wax or a combination of waxes, an alkyl phenol, at least one surfactant, Polynaphthalenesulfonic acid, and an alkali metal hydroxide. In another embodiment, the emulsions comprise a wax or a combination of waxes, an alkyl phenol, at least one surfactant, polynaphthalenesulfonic acid, an alkali metal hydroxide, and a complexed starch.