Suppose a researcher wants to conduct an empirical study in finance (i.e., testing CAPM in emerging markets). Is it the correct way to start writing the introduction directly without doing any analysis first?

I was discussing this issue with one of my colleague. Let’s suppose we have two scenarios.

1.       First of all write introduction section and then do the analysis. This way we write the introduction based on our literature review but we don’t have any results yet.

2.       Second: conduct the analysis first. Come up with some results (figures and tables) and then write your introduction of the paper. The analyses are conducted after literature review.  

Which method is correct? Which one is more acceptable and valid in academia? Thank you so much for reading and your response.  

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