<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2683-2690</journal-id>
<journal-title><![CDATA[The Anáhuac journal]]></journal-title>
<abbrev-journal-title><![CDATA[The Anáhuac j.]]></abbrev-journal-title>
<issn>2683-2690</issn>
<publisher>
<publisher-name><![CDATA[Universidad Anáhuac del Sur S.C., Facultad de Economía y Negocios]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2683-26902025000200106</article-id>
<article-id pub-id-type="doi">10.36105/theanahuacjour.2025v25n2.2999</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Exploring Interest Rate Dynamics on Real Option Valuation for Private Equity]]></article-title>
<article-title xml:lang="es"><![CDATA[Explorar la dinámica de las tasas de interés en la valoración de opciones reales para el capital privado]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vilches Murillo]]></surname>
<given-names><![CDATA[Luisa Alejandra]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valdovinos Hernández]]></surname>
<given-names><![CDATA[Iván Adolfo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>25</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2683-26902025000200106&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2683-26902025000200106&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2683-26902025000200106&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study analyzes the impact of interest rates on real option valuation in private equity, a highly volatile sector. Unlike traditional models such as discounted cash flows (DCF) or internal rate of return (IRR), real options incorporate not only the discounting of future cash flows, but also the possibility of exercising or deferring the investment as expected returns change. Using the Black-Scholes model, the results show that interest rates significantly influence valuations: put options reveal potential losses and decline as interest rates increase, while call options remain practically stable. These findings suggest that real options provide a more comprehensive view of the impact of monetary policy on private equity investments and allow the valuation to incorporate the sector&#8217;s inherent uncertainty.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo analiza el impacto de las tasas de interés sobre la valoración mediante opciones reales en el capital privado, un sector altamente volátil. A diferencia de los modelos tradicionales, como los flujos de flujos descontados (DCF) o la tasa interna de retorno (IRR), las opciones reales consideran no solo el descuento de flujos futuros, sino también la posibilidad de ejercer o posponer la inversión conforme cambian los rendimientos esperados. Mediante el modelo de Black-Scholes, los resultados muestran que las tasas de interés influyen de forma significativa en las valoraciones, donde las opciones de venta reflejan pérdidas potenciales y disminuyen conforme aumentan las tasas, mientras las opciones de compra permanecen prácticamente estables. Estos hallazgos sugieren que las opciones reales ofrecen una visión más completa del impacto de la política monetaria en las inversiones de capital privado y permiten incorporar en la valuación la incertidumbre característica del sector.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Private equity]]></kwd>
<kwd lng="en"><![CDATA[valuation]]></kwd>
<kwd lng="en"><![CDATA[interest rates]]></kwd>
<kwd lng="en"><![CDATA[real options]]></kwd>
<kwd lng="en"><![CDATA[G11]]></kwd>
<kwd lng="en"><![CDATA[G17]]></kwd>
<kwd lng="es"><![CDATA[Capital privado]]></kwd>
<kwd lng="es"><![CDATA[valuación]]></kwd>
<kwd lng="es"><![CDATA[tasas de interés]]></kwd>
<kwd lng="es"><![CDATA[opciones reales]]></kwd>
<kwd lng="es"><![CDATA[G11]]></kwd>
<kwd lng="es"><![CDATA[G17]]></kwd>
</kwd-group>
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