Why not but the wire itself and how it's configured (twisted etc) can have an effect on the sound. As any wire will.
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HI Soix- you can stop wondering. Bare Wire connections ARE the best performing for a wide number of reasons. Here's the catch- bare wire is the best connection possible for a VERY short period of time. Unless the bare wire connection is treated and/or sealed, it will very quickly start oxidizing and the performance will suffer. That is the main reason for formal terminations- you can seal the connection and dramatically slow down the oxidation effect ( notice I did not say eliminate it).