Wow! Nice equipment!
It's very conceivable to me that the impedance mismatch would not be significant, given that the transport appears to be redbook only (16/44.1, as opposed to 24/96 or 24/192), and assuming that your cable is approximately the 1.5 meter length that is considered optimal for transport-to-dac connections, and given the fact that the dac has a FIFO buffer to deal with jitter.
A FIFO (first-in first-out) buffer memory clocks the incoming data into a memory based on the clock that is recovered from the incoming signal, but clocks the data out of the memory with the dac's own internal clock. So jitter is totally eliminated unless the incoming waveform is so severely distorted, or jitter is so severe, that the phase-locked loop clock recovery circuit sees extraneous or missing clock edges as a result of the distortion.
Basically, the impedance mismatch results in reflection of a fraction of the incoming energy back to the source, where a fraction of the reflection will be re-reflected back to the load. Most of the re-reflection (the fraction that is not re-reflected once again) will sum together with the original incoming waveform, resulting in distortion. That distortion will only be significant if its timing is such that it arrives coincident with an edge, or if it is EXTREMELY severe such that it causes a high-level (logic 1) or a low-level (logic 0) to be seen as an edge.
A 1.5 meter length (or more) will delay the re-reflection past the original incident edge, and so it most likely won't become a problem until it is delayed to the next edge. That won't occur, in the case of redbook 16/44.1, until the cable length becomes greater than around 10 meters. See my post dated 3-23-09 in this thread:
http://forum.audiogon.com/cgi-bin/fr.pl?ddgtl&1237611683&openflup&13&4#13I'm still not clear, though, on what you have been comparing. The transport and dac both appear to have AES/EBU and SPDIF interfaces, and xlr as well as rca connectors (as well as bnc's on the transport). Isn't your Nirvana cable a balanced AES/EBU cable, while your diy cable is unbalanced, with rca connectors, and if so doesn't your comparison encompass several variables other than the cable itself and its lack of shielding (including balanced vs. unbalanced signal paths within the two units, different impedances, different voltages, etc.)?
Regards,
-- Al