I could not find a proper way to reduce nicely the space between the table and the text:
Using \vspace{} doesn't help (it reduces the space between the text), as shown in the code below:
\documentclass[11pt,a4paper,twocolumn]{article}
\usepackage[utf8]{inputenc}
%\usepackage[margin=0cm]{geometry}
\usepackage{amsmath}
\usepackage{amsfonts}
\usepackage{amssymb, amsthm}
\usepackage{graphicx}
\usepackage{lipsum}
%\usepackage{longtable}
\usepackage{booktabs}
\usepackage{xcolor,colortbl}
\definecolor{Gray}{gray}{0.85}
\newcolumntype{a}{>{\columncolor{Gray}}r}
\begin{document}
\lipsum
\begin{table*}[t!]
\scriptsize
\centering
\caption{Results.}
\label{tab:pairwise}
\setlength{\tabcolsep}{1.5mm}
\begin{tabular}{rarrarrarrar}
\toprule
time (s) & value & bound & time (s) & value & bound & time (s) & value & bound & time (s) & value & bound \\ \midrule
$ 0.02$ & $ \mathbf{454.35}$ & $-\infty$ & $ 0.78$ & $ 465.02$ & $-\infty$ & $ -$ & $ -$ & $-$ & $ 14.75$ & $ 1617196.00$ & $-\infty$ \\
$ 0.03$ & $ 454.75$ & $ 294.89$ & $ 0.15$ & $ 465.02$ & $ 136.28$ & $ -$ & $ -$ & $-$ & $ 7.14$ & $ 1614255.00$ & $301059.33$ \\ \cmidrule{1-1}
$ 23.45$ & $ 480.27$ & $-\infty$ & $ 64.00$ & $ 495.80$ & $-\infty$ & $ 0.00$ & $1.05\times 10^{11}$ & $-\infty$ & $2544.12$ & $ 1664504.33$ & $-\infty$ \\\cmidrule{1-1}
$ 15.87$ & $ 483.41$ & $ 443.71$ & $ 35.78$ & $ 605.14$ & $ 450.95$ & $ 3.16$ & $1.05\times 10^{11}$ & $ 16.35$ & $-^*$ & $-^*$ & $-^*$\\
$ 55.32$ & $ 497.16$ & $ 411.94$ & $ 844.97$ & $ 468.97$ & $ 453.55$ & $ 0.47$ & $0.65\times 10^{11}$ & $ 15.16$ & $-^*$ & $-^*$ & $-^*$\\
$1867.20$ & $ 468.88$ & $ 448.03$ & $2272.39$ & $ 479.54$ & $ 454.35$ & $ 6.04$ & $ \mathbf{21.22}$ & $ 21.22$ & $-^*$ & $-^*$ & $-^*$\\
$ 36.18$ & $ 455.25$ & $ 448.23$ & $ 111.74$ & $ 465.26$ & $ 455.43$ & $ 2.33$ & $0.10\times 10^{11}$ & $ 14.47$ & $2039.47$ & $ 1664707.67$ & $ 1583742.13$\\
$ 1.37$ & $ 490.48$ & $ 448.09$ & $ 16.23$ & $ 500.09$ & $ 453.96$ & $ 0.05$ & $ 64.19$ & $ 15.22$ & $ 421.20$ & $ \mathbf{1587961.67}$ & $ 1584746.58$\\ \cmidrule{1-1}
$ 1.92$ & $1399.51$ & $-\infty$ & $ 11.62$ & $1178.91$ & $-\infty$ & $ 0.08$ & $ 127.01$ & $-\infty$ & $3602.01$ & $ 11408446.00$ & $-\infty$\\ \cmidrule{1-1}
$ 0.11$ & $ 485.88$ & $-\infty$ & $ 0.29$ & $ 481.95$ & $-\infty$ & $ 0.00$ & $ 84.86$ & $-\infty$ & $ 10.82$ & $ 7022189.00$ & $-\infty$\\
$ 1.10$ & $ 488.23$ & $-\infty$ & $ 5.94$ & $ 489.82$ & $-\infty$ & $ 20.10$ & $ 66.71$ & $-\infty$ & $1989.12$ & $ 6162418.00$ & $-\infty$\\
$ 0.81$ & $ 489.80$ & $-\infty$ & $ 5.19$ & $ 489.82$ & $-\infty$ & $ 13.21$ & $ 58.52$ & $-\infty$ & $1509.49$ & $ 5209092.33$ & $-\infty$\\
$ 9.84$ & $ \mathbf{454.35}$ & $-\infty$ & $ 40.64$ & $ \mathbf{464.76}$ & $-\infty$ & $ 0.31$ & $ 75.12$ & $-\infty$ & $2377.66$ & $ 1624106.00$ & $-\infty$\\\bottomrule
\end{tabular}
\end{table*} \vspace*{-1.9cm}
\lipsum
\end{document}
Thank you in advance for your help!


\vspace*should work. Better use How to change the spacing between figures/tables and text? – Bobyandbob Nov 15 '17 at 19:43table*not after it. – David Carlisle Nov 15 '17 at 19:48