When subglottal pressure signals which are recorded during normal speech production are spectrally analyzed, the frequency of the first spectral maximum appears to deviate appreciably from the first resonance frequency which has been reported in the literature and which stems from measurements of the acoustic impedance of the subglottal system. It is postulated that this is caused by the spectrum of the excitation function. This hypothesis is corroborated by a modeling study. Using an extended version of the well-known two-mass model of the vocal folds that can account for a glottal leak, it is shown that under realistic physiological assumptions glottal flow waveforms are generated whose spectral properties cause a downward shift of the location of the first spectral maximum in the subglottal pressure signals. The order of magnitude of this effect is investigated for different glottal settings and with a subglottal system that is modeled according to the impedance measurements reported in the literature. The outcomes of this modeling study show that the location of the first spectral maximum of the subglottal pressure may deviate appreciably from the natural frequency of the subglottal system. As a consequence, however, the comfortable assumption that in normal speech the glottal excitation function is constant and zero during the ‘‘closed glottis interval’’ has to be called into question.