Federico Beltrame is a Lecturer in Banking and Finance at the University of Udine, Italy. He graduated in Economics from the University of Udine and received a PhD in Business Science from the same university. His main research interests are related to SMEs cost of capital and mutual guarantee credit institutions. Roberto Cappelletto is a Full Professor in Corporate Finance at the University of Udine, Italy. He has also taught at Ca' Foscari University (Venice) and Bocconi University (Milan). His main research interests are related to financial analysis and rating systems. Gabriele Toniolo holds as PhD in Corporate Finance from the University of Trieste and is a financial and business advisor. He graduated in Economics from Ca' Foscari University (Venice). His main research interests are related to SMEs cost of capital, credit risk and rating systems.